Recent signs of easing in the China-U.S. trade war have emerged, with both sides reaching an agreement on May 12, 2025, to suspend some of the additional tariffs, resulting in a cumulative reduction of over 100%, while retaining the remaining 10% of tariffs as a bargaining chip. This move has released positive signals, boosting global market confidence in the short term, with significant recoveries in technology stocks, the yuan exchange rate, and cross-border capital flows. Industries like photovoltaics and semiconductors, which have been suppressed by tariffs, are expected to rebound. However, this easing is essentially a 'temporary compromise', as both sides have not yet broken through core conflicts regarding technological competition and supply chain restructuring. The U.S. is attempting to exchange tariff concessions for China's compromises in areas such as rare earth exports and financial openness, while China emphasizes equal negotiations and strategic resource autonomy. In the long run, the China-U.S. game will continue, and future attention should be paid to the negotiation progress during the 90-day buffer period and the handling of remaining tariffs, while also being vigilant about the impacts of technological 'decoupling' and geopolitical risks on global supply chains. #贸易战缓和