Group 1 - China has rolled back 24% additional tariffs on U.S. goods for a year, while maintaining the 10% levies introduced in response to previous tariffs [1] - The State Council's tariff commission announced the removal of tariffs up to 15% on select U.S. agricultural products starting Nov. 10, including chicken, wheat, corn, and cotton [2] - The Ministry of Finance stated that the continued suspension of certain bilateral tariffs is beneficial for the healthy and stable development of China-U.S. economic and trade relations [3] Group 2 - Over the past six months, the SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ) have seen significant price increases of 19.83% and 27.44%, respectively [4]

Group 1 - President Trump indicated that the current tariff situation between the U.S. and China is "not sustainable" and suggested that tariffs on imports from China could be lowered [2][1] - Following Trump's comments, futures contracts tied to the S&P 500 reduced their anticipated opening decline from 77 points to around 16 points [2][1]

1 These are based on BOP definitions; the goods trade surplus would be 4.8% of GDP in 2025 (vs. 5.2% in 2024) based on the Customs definition. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) ...