Maybe there's something more to this that I'm not seeing, but I don't see how this deal benefits China at all, it's insane concessions for the sheer amount of bullshit fuckery that Trump AND Biden have been pulling since 2016.
So just a few observations:
1. In the face to face meeting with Xi + all relevant Chinese ministers on one side of the table, and Trump + all relevant US secretaries on the other, the Chinese side looks happy like they won. The US side looks tense and weary.
2. After the meetings were over and APEC started, Xi looked very happy while relaxing with visiting leaders from other nations, like he just came out of a huge win.
3. Trump left before APEC started. If he came out of it with a win, he would stay for APEC and brag about it to the other visiting nations. Instead, his administration immediately began focusing on domestic US media and spinning it as an exaggerated total victory.
4. After the the meetings were over, Pete Hegseth adopted a publicly dovish (fake) stance about China via X post. As a hard rule, Americans in high office do not do this when they feel they are in a position of any relative strength whatsoever. It's just not in their political culture to hide strength.
In order to believe this was even a small victory for the US, you'd have to believe the following:
1. That American leaders look stressed and tense when they are in a winning position.
2. That Xi and his top ministers look very sincerely happy when they have lost.
3. That Trump has zero interest in showing off and bragging about a victory to other world leaders at an event full of world leaders.
4. That the US is hiding their strength in complete contradiction to their usual patterns of political behavior.