Student or Learner
Can we say replace the underlined with common action?
It takes the efforts of both China and the United Statesto address their economic and trade frictions.
You can, but it changes the meaning.
"the efforts" of both parties does not necessarily mean something that is in common. It means that both parties must make a effort on their own part to resolve something.
A common action is an action in common - both parties do the same thing.