Abstract: We first review the current round of Sino-US trade friction, and summarize relevant views of Chinese government and academia on this round of friction. On this basis, we then analyze the essence of Sino-US trade frictions, that is, under the background of profound changes in the global economic layout and international labor division, the United States comprehensively readjusts its foreign policies, while China is at a critical stage of economic restructuring and upgrading, the two largest economies of the world have to face and tackle a series of frictions and collisions between each other. Then we clarify some key concepts including exchange rate manipulation, industrial policy and dumping, especially the significance of these concepts to the Sino-US economic and trade relationships. Finally, we put forward some strategies to deal with the current round of friction.