Core Points - The core issues raised by President Trump in the recent US-China trade negotiations include the cancellation of tariffs related to fentanyl, the resumption of Chinese purchases of US soybeans, and the relaxation of controls on rare earth exports, which reveal deeper vulnerabilities in the US supply chain, agricultural exports, and drug governance [1][3][5] Group 1: Trade Policy Adjustments - The Trump administration's trade policy towards China has shown a strategic shift from imposing high tariffs to proposing specific negotiation conditions, indicating a willingness to lower tariffs under certain conditions [3][5] - The proposed "lower tariffs in exchange for concessions from China" plan appears to be a mutually beneficial trade at first glance, but it reveals an inherent imbalance in the negotiation logic [5] Group 2: Soybean Market Dynamics - Soybeans have become a barometer for the direction of US-China trade tensions, with the US facing a survival crisis in agriculture, as soybean inventories reached 1.87 billion bushels, a 12% increase year-on-year [6][7] - China, once the largest buyer of US soybeans, drastically reduced imports to 8 million tons in 2024, down from 32 million tons in 2017, while increasing imports from Brazil, Argentina, and Russia [7] - The competitiveness of US soybeans has declined, with production costs reaching $480 per ton, significantly higher than Brazil's, exacerbated by tariffs imposed by both countries [7] Group 3: Fentanyl Policy Issues - The inclusion of fentanyl in trade negotiations highlights the US's attempt to externalize domestic governance issues, as fentanyl-related deaths have surged, exceeding 120,000 in 2024 [8] - The US has imposed a 20% tariff on fentanyl imports from countries like China and Mexico, despite evidence that illegal fentanyl primarily originates from Mexico, not China [8] - The so-called "fentanyl tax" has generated less than $300 million in revenue by September 2025, failing to facilitate cooperation in drug regulation and intelligence sharing [8] Group 4: Rare Earth Dependency - The issue of rare earth controls underscores the US's passive position in critical resource sectors, with China holding 85% of the world's known heavy rare earth reserves and 90% of refining capacity [9] - The US high-tech industry is heavily reliant on Chinese rare earth materials, and while efforts are underway to build alternative supply chains, over 60% of US rare earth demand is expected to remain dependent on China until at least 2030 [9] Group 5: New Negotiation Framework - The three issues raised by Trump indicate a shift from a unilateral pressure model to a new framework of "equal dialogue and mutual benefit" in US-China trade negotiations [10] - China is open to resolving differences through negotiation, given the substantial trade volume, which reached $690 billion in 2024, aligning with mutual interests [10] - The future of US-China relations is evolving towards a more balanced interaction, moving away from one-sided pressure tactics [10]