The China-U.S. trade negotiations have recently made a phased breakthrough, with both sides agreeing to gradually eliminate most tariff barriers. In the first phase (July 2025), 65% of additional tariffs will be removed, affecting consumer goods, agricultural products, and others, which is expected to reduce trade costs by 12%. Cooperation has been reached in the semiconductor and clean energy sectors, with the U.S. easing some technology export restrictions to China, and China opening up its new energy market. However, sensitive areas such as electric vehicles and AI still maintain a 'safety net' mechanism. While the negotiations alleviate short-term friction, structural differences such as technological competition and industrial subsidies remain, and future games may shift towards rule-making. A recent negotiation stalemate has reemerged, with the U.S. accusing China of restricting rare earth exports, while China criticizes U.S. unilateral sanctions, indicating that deep-seated contradictions remain unresolved.