On October 26th, Kuala Lumpur, Malaysia, the fifth round of Sino-US economic and trade negotiations came to an end. After two days of confrontation, the result was unexpected and reasonable. Trump, who has always been high-profile and tough, actually took a step back this time.

U.S. Treasury Secretary Bescent announced that the original plan to impose a 100% tariff on Chinese goods on November 1st was cancelled. As soon as this came out, anyone with a discerning eye could see that the Americans were soft.

Then the question is, why did Trump choose to give in at this juncture? This has to start with his best "extreme pressure". He plays this routine skillfully, holding up the tariff stick at every turn, expecting others to bow their heads in front of him. But this time he met China, which was holding the trump card of rare earths.

Rare earths are usually not visible, but they are the lifeblood of modern high-tech industries. From fighter jets to smartphones, from electric vehicles to precision instruments, everything is inseparable from it. Most of the global rare earth supply chain is in the hands of China. At first, Trump wanted to fight head-on and even promised to "completely decouple", but reality quickly gave him two loud slaps.

The first bad news came from within the White House. His economic advisory team was as anxious as ants on a hot pot, taking turns to analyze the pros and cons for him: If they really broke out with China over rare earths, the U.S. high-tech industry may be damaged. No one can afford this price. After all, Trump is a businessman, and he understands this account. Therefore, on the eve of the negotiations, the United States 'tone obviously softened and began to spread the word to the outside world, saying that it would "properly handle bilateral relations."

The second news hurt him even more. Next year the U.S. is about to hold midterm elections. This is undoubtedly a big test for Trump. If the Republicans lose the majority of seats in Congress, his two-year administration will be under control. More importantly, he can¡¯t afford the stockpile in those agricultural states.

It is in this situation of internal and external difficulties that the negotiations in Kuala Lumpur have turned for the better. The two sides finally reached a preliminary consensus. U.S. Treasury Secretary Bescent couldn't wait to announce two results: one is that China may buy American soybeans "in large quantities", and the other is that China's rare earth export control to the United States may be delayed for one year.

However, Bessent, of course, will only choose good words. He will not tell the media what the U.S. has paid for this. In comparison, the Chinese statement is much tougher: "The U.S. position is strong, but the Chinese determination to defend interests is more firm."

While the specific details of the negotiations have not yet been fully disclosed, it can be assured that China has got what is in our core interests, and more exciting than this is the fact that global capital is using real gold and silver to give the Chinese economy a vote of trust.

According to the latest data from the Ministry of Commerce, from January to September this year, nearly 49,000 foreign-invested enterprises were newly established across the country, and the actual use of foreign capital was 573.75 billion yuan. What do these numbers say? It shows that after a short wait-and-see period, international capital is accelerating its return to China. After all, no one is reluctant to give up on China, a huge and dynamic market.

So, is the trade war between China and the United States over here? I don't think so. This relaxation can only be regarded as a halftime at best. For Trump, this concession is forced by the situation, and his idea of "giving priority to the United States" has never changed. Once he is allowed to slow down, he will probably find fault with another excuse.

After all, international games have always been a match of strength. Only when our own fist is hard enough and the bottom of the house is thick enough to hold the initiative firmly in any future confrontation.

Today, this trade war is not only a trade dispute, but also a contest between two development models and two governance concepts. China has proved to the world with facts that in this interdependent world, unilateral bullying will not go far after all, and win-win cooperation is the right way.

And for each of us ordinary people, this game also gives an important revelation: in today's changing international landscape, both to maintain strategic orientation and also to enhance the crisis awareness.

The future is still a long way, the game between China and the United States will not stop here. but one thing is certain: as long as we persist in going our own way and doing our own things, there is nothing that can be overcome.