Core Points - The meeting between the leaders of China and the United States in Busan, South Korea, lasted approximately 1 hour and 40 minutes, highlighting its significant global attention and implications [1] - Key agreements reached during the meeting include the cancellation of the 10% "fentanyl tariff" on Chinese goods by the U.S., and the continuation of a one-year suspension on the 24% reciprocal tariffs [1][5] - The U.S. will also pause the implementation of the 50% export control rule announced on September 29 for one year, while China will suspend its related export control measures [1][3] Trade Relations - The U.S. will suspend the 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year, with China reciprocating by pausing its countermeasures [3] - Both countries reached a consensus on cooperation regarding fentanyl, expanding agricultural trade, and handling specific corporate cases, indicating a willingness to stabilize trade relations [3][5] - The reduction of the "fentanyl tariff" from 20% to 10% and the suspension of the 24% tariffs demonstrate the U.S. recognition that a trade war with China would not yield substantial victories [5] Economic Impact - The trade discussions suggest that the U.S. acknowledges the significant demand for its agricultural products in the Chinese market, as evidenced by China's renewed purchases of U.S. soybeans [5] - The agreements reached during the meeting indicate a potential restoration of normal agricultural trade between the two nations, which is crucial for both economies [5] Strategic Implications - The meeting signifies that the development goals of China and the U.S. are not inherently incompatible, with both nations able to promote mutual prosperity [7][8] - The future of U.S.-China relations is expected to have a global impact, influencing the direction of the global landscape [8] - The meeting is viewed as a historic step in the development of U.S.-China relations, showcasing responsible leadership and strategic wisdom from both countries [8]