The“decoupling”of trade and economy from China promoted by the Trump administration has not worked well, and it has been adjusted to“de-risking”after Biden taking office. To this end, the Biden administration advocates“made in America”,“near-shoring”and“friend-shoring”to build a flexible supply chain. It has tightened export controls on China, restricted two-way investment, formed industrial alliances, and implemented a“small-yard, high-fence”policy to stifle the development of China’s science and technology.“De-risking”is an economic tradeoff after the failure of“decoupling”from China, reflects the phased characteristics of the US policy towards China, and it is also a political strategy for Biden to revive the middle class and consolidate the voter base. However, the implementation of the United States’“de-risking”policy towards China faces restrictions such as difficulties in eliminating differences between Allies, going against to the logic of industrial development, and the constraints of relevant domestic interest groups. After Trump backing to the White House, the logic of“de-risking”to China is still valid. China should adhere to the bottom-line thinking and limit thinking, and strives to prevent and resolve various risks and challenges brought about by“de-risking”.