It has been a fortnight of intense maneuvering by Washington, with the first in-person meeting of the Quad security pact and the unveiling of a new defense alliance with the U.K. and Australia. Then there was a Cold War-style prisoner exchange. It is anybody’s guess who is better off at the end of all the wrangling, but Beijing is spinning the release of Huawei CFO Meng Wanzhou as a victory. The daughter of the telecom giant’s founder Ren Zhengfei, Meng strolled down a red carpet at Shenzhen International Airport Sunday after her arrival from Canada, where she had spent three years under house arrest, awaiting extradition to the U.S.