An agreement has been reached on the economic and trade relations between China and the United States China's commitment: 1. China will suspend the implementation of global new export controls on rare earths and related measures announced on October 9, 2025. 2. China will issue general licenses for the export of rare earths, gallium, germanium, antimony, and graphite to US end-users and their global suppliers. This general license essentially means that the regulations implemented in China in April 2025 and October 2022 will be lifted. 3. China will take significant measures to curb the flow of fentanyl into the United States. Specifically, China will cease shipping certain designated chemicals to North America and implement strict controls on certain other chemicals exported to all destinations worldwide. China will suspend all retaliatory tariffs announced since March 4, 2025. This includes tariffs imposed on a large number of American agricultural products: chicken, wheat, corn, cotton, sorghum, soybeans, pork, beef, seafood, fruits, vegetables, and dairy products. China will suspend or cancel all retaliatory non-tariff countermeasures taken against the United States since March 4, 2025, including including including certain American companies on its end-user and unreliable entity list. China will purchase at least 12 million tons of US soybeans in the last two months of 2025, and at least 25 million tons of US soybeans annually in 2026, 2027, and 2028. In addition, China will resume purchasing American sorghum and hardwood logs. 7. China will take appropriate measures to ensure that the Nexperia factory located in China resumes trade and allows critical traditional process chip output to flow to other regions of the world. 8. China will cancel measures taken in response to the US 301 investigation into the "targeted dominance of China's maritime, logistics, and shipbuilding industries," and lift sanctions imposed on multiple shipping entities. 9. China will further extend the expiration date of its market-based tariff exemption procedures for imported goods from the United States, and these exemptions will remain valid until December 31, 2026. 10. China will terminate its various investigations against American companies in the semiconductor supply chain, including anti-monopoly, anti-monopoly, and anti-dumping investigations. The commitment of the United States: 1. The United States will reduce tariffs on imported goods from China to curb the circulation of fentanyl by lowering the cumulative tax rate by 10%, effective from November 10, 2025. 2. Maintain the suspension of equivalent tariffs on imported goods from China until November 10, 2026. (During this suspension period, the current 10% equivalent tariff will continue to be in effect.) 3. The United States will further extend the expiration date of certain Section 301 tariff exemptions (currently scheduled to expire on November 29, 2025) to November 10, 2026. 4. Effective from November 10, 2025, for a period of one year, the United States will suspend the implementation of the temporary final rule entitled "Expanding End User Control Scope to Cover Certain Affiliated Parties of Listed Entities". Effective from November 10, 2025, for a period of one year, the United States will suspend the implementation of responsive measures taken under the Section 301 investigation regarding China's "targeting of maritime, logistics, and shipbuilding industries for dominance". 6. The United States will negotiate with China under Article 301, while continuing historic cooperation with South Korea and Japan in revitalizing the US shipbuilding industry. Interpretation: This agreement represents another stage of balance in Sino US trade, but I always feel that the relationship between China and the United States still has a feeling of superficial harmony and detachment. On one hand, there is Yue Buqun, and on the other hand, there is Zuo Lengchan. The current agreement should be that neither side wants to push the situation out of control. For the United States, it needs to suppress inflation, stabilize supply chains, and appease agricultural and manufacturing votes. And China also needs a safe buffer period for foreign trade and industrial chains to avoid passive setbacks at the juncture of global manufacturing system restructuring. Especially since China's overall economic situation still needs to be developed, a phased reconciliation with the United States can alleviate domestic disharmony. However, in the long run, the fundamental contradiction between China and the United States has not been resolved. This article is sponsored by Bitget | @ Bitgetzh