The China-U.S.-Geneva negotiations have reached a consensus on tariff reductions, with the U.S. canceling 91% of the additional tariffs, while China will simultaneously cancel an equal amount of counter-tariffs and suspend certain non-tariff measures. This move is expected to alleviate supply chain pressures between the two countries, lower consumer costs, and potentially boost global trade volume by 0.5%-1% in the short term. Although the newly established regular consultation mechanism injects certainty into the market, the U.S. retains 10% tariffs and technology competition clauses, which may prolong the competition in fields such as chips and new energy. Historical experience shows that policies carry short-term reversal risks, and attention must be paid to subsequent enforcement efforts.