The US and China agreed tariff cuts under the Board of Trade mechanism covering about $30bn of non-sensitive goods each way, roughly 90% of covered goods moving to MFN rates. The US list has 77 items (fireworks, toys, household goods); China's has 1,619 (meat, grains, coal, timber, medical devices). Cuts take effect only after each side completes domestic procedures, and the truce is extended to January. For Thai SMEs there is no direct action; watch for shifts in toy, household goods or agricultural export prices and competition, and for China's new agriculture working group, first meeting due by end-2026.