#贸易战缓和 In the first quarter of 2025, China's exports to the United States fell by 3.2%, while categories such as new energy vehicles and photovoltaics grew against the trend by 45%. Through the RCEP mechanism, $34 billion worth of orders have been shifted to Southeast Asia, reducing dependence on a single market. The internationalization of the renminbi (with oil settlements covering over 10 countries) and the cross-border pilot of the digital renminbi weaken the dominance of the US dollar and enhance bargaining power. This trade easing is a phased compromise between China and the US under multiple pressures, injecting certainty into the global economy, though deep-seated contradictions (technology competition, supply chain restructuring) remain unresolved. The upcoming 90-day buffer period is both a negotiation window and a critical period for strategic games, and investors need to closely monitor policy trends to balance risks and opportunities.