In light of this recent development, it seems to me that today's phone call requested by Biden to Xi was not for "common ground", "manage the differences", "climate change" etc, but instead it was all about Biden trying to blackmail Xi in order to help the US.
As per posts by other members, I also agree that it is highly likely that Biden asked for a "line of credit", China to purchase US Treasuries, and maybe some things about trying to reduce inflation in Chinese factories.
I think it is fair to say, that Biden's *attempted* blackmail failed spectacularly and as such the US is now taking actions to "teach" China a lesson.
Of course these all are theories and maybe I am even spreading delusional analysis, but I consider the above scenario the most probable to have happened today.
It will be interesting to see how will China react. The counter-action will surely be bigger than what it did to Lithuania so that the rest of the world doesn't start having seconds thoughts about their Taiwan policies.