SCB CIO says the US-China deal to cut tariffs on about US$30bn of mostly non-strategic goods (toys, phone accessories, small electronics, farm products) is small relative to total trade and only delays a tariff rise set for 10 November by two months. The bigger near-term risks for a Thai SME are oil and rates: Brent-linked prices spiked to US$107-108 before easing to the low US$90s, and US 10-year yields are at 5.2%, with the Fed possibly hiking 1-2 times this year. The 3 November midterms, likely giving Democrats a majority in both houses, could curb extreme trade policy. Nothing here requires action now; keep watching fuel costs and export pricing.