“she hath thee is of my wailing chief”
'Wailing' means lamenting; 'chief' is used here as a noun meaning 'the chief cause' or 'the greatest source.' The line means: 'that she possesses you is the primary source of my grief.' The loss of the Youth to the mistress hurts the speaker more than the loss of the mistress to the Youth.
“for my sake even so doth she abuse me, / Suffering my friend”
'Abuse' here means to wrong, injure, or deceive — not merely to misuse. The speaker's logic is that the mistress wrongs him specifically 'for his sake,' because she allows the friend to court and win her. 'Suffering' means 'permitting' or 'allowing,' not enduring pain.
“my friend for my sake to approve her”
'Approve' means to test, demonstrate, or prove the worth of someone — not simply to express liking. The friend 'approves' the mistress in the sense of putting her through a trial that establishes her quality. The word carries a quasi-legal flavor: to approve a claim was to validate it by demonstration.
“my friend and I are one; / Sweet flattery”
The couplet is the sonnet's volta — the turn where the argument closes but also collapses. The speaker reasons: because a true friend and I are one soul, the mistress who loves my friend actually loves only me. Then he names his own reasoning 'Sweet flattery' — pleasant self-deception — admitting it is false comfort. The argument rests on the classical ideal that perfect friendship fuses two people into one.
historical Renaissance friendship and the friend-versus-love idealhistorical The sonnet form