Combining public bluster with behind-the-scenes diplomacy, China wrested a concession from the United States as the two presidents spoke for the first time this week, but Beijing may not be able to derive much comfort from the win on U.S. policy toward Taiwan.

Several areas of disagreement between the superpowers, including currency, trade, the South China Sea and North Korea, were not mentioned in public statements on Thursday's telephone conversation between Presidents Xi Jinping and Donald Trump. In getting Trump to change course on the "one-China" policy, Beijing may have overplayed its hand.

Trump had upset Beijing before he took office by taking a call from Taiwan President Tsai Ing-wen, then casting doubt on the "one-China" policy, under which Washington acknowledges the Chinese position that there is only one China and Taiwan is part of it.