In the negotiation venue at 3:30 AM, there likely wasn't a shortage of 'hands-on' actions, with all parties tightly wound. The Atlanta side issued a statement overnight, saying only one meaningful phrase: 'We talked.' Meanwhile, U.S. Treasury Secretary Mnuchin and Trade Representative Lighthizer appeared in high spirits, declaring 'significant progress' and that 'the impact of Huawei is not as great as the outside world imagines'. Even Trump was eager to hear the report, making the scene quite tense.

Significant tariff reductions, with relief for consumer goods taking precedence.

This time, the U.S. made significant moves, slashing the average tariff on Chinese goods from the original 145% down to 50%-54%. Some consumer-related goods, such as strollers and medications, were even directly reduced to 25%, with the changes expected to take effect as soon as next week. This is clearly aimed at alleviating domestic inflation pressures.

The Chinese side did not remain idle either; it eased restrictions in terms of technical reviews and access to financial markets, expressing a willingness for 'reciprocal adjustments'. Although neither side explicitly stated it, both had their own agendas: the U.S. was reducing tariffs on consumer electronics and pharmaceuticals, which are the most sensitive areas for current inflation; meanwhile, China's announcement of BoBo aircraft purchases hit at the sore spot of the U.S. aviation industry—this back-and-forth seemed to sprinkle some sugar into the gunpowder, each side getting what it needed.

The rare earth issue is continuously engaged in a covert battle, with both sides taking half a step back to reach a tacit understanding.

Although the agreement did not mention rare earths, there was no shortage of contention at the negotiation table. The U.S. is eager for China to lift restrictions on rare earth ore exports (these resources are crucial in missile and new energy vehicle manufacturing), while the Chinese side countered with a demand: 'You first stop blocking our semiconductor equipment imports.'

In the end, both sides took a step back: the U.S. relaxed some export restrictions on cloud AI chips, while China responded with 'data sovereignty + algorithm transparency', which temporarily stabilized the situation.

China's sale of U.S. bonds forces concessions, Trump's 'face change' operation sparks controversy.

It is worth mentioning that during the negotiations, China suddenly ramped up its selling of U.S. bonds, attempting to exert pressure through the financial markets to force the U.S. side to compromise on tariffs. This move, reminiscent of 'surrounding Wei to rescue Zhao', was executed quite beautifully, prompting the U.S. to reassess its strategy.

On the other hand, Trump made a 'face-slapping' reversal: just moments after confidently stating that 'the agreement would lower tariffs', he cut two-thirds of the original planned terms and then insisted that this was 'saving a lot of money for America'. Such contradictory statements left many observers puzzled.

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Overall, while the negotiations appeared calm on the surface, there were undercurrents at play. Both sides are stubbornly protecting their key interests while making moderate concessions in certain areas, maintaining a delicate balance. The next key point is whether these temporary consensus agreements can be implemented effectively or if they remain merely verbal 'empty talk'.