Core Insights - Global trade tensions, particularly between China and the US, are stabilizing as new challenges from technological disruptions emerge [1] - The China-US relationship is experiencing a "stable equilibrium" following recent talks, despite ongoing trade disputes [2] - There is a constructive engagement between US and Chinese leaders, indicating a potential for a more positive relationship in the coming year [3] Trade Dynamics - The China-US relationship is currently in a "cyclical upswing," although long-term challenges related to national security and technology competition remain [4] - Recent discussions between Chinese President Xi Jinping and US President Donald Trump have led to some relief on trade irritants, including the approval of TikTok's transfer agreement [5] Economic Outlook - Global trade has demonstrated resilience and adaptability, but there are significant risks posed by technological disruptions to the macroeconomic landscape [6] - The adoption of new technologies, such as blockchain, presents opportunities, while missing out could pose major risks, particularly for regulated financial services [7]