The direct cause of trade friction between China and the United States is the huge deficit of the United States. And the deep reason is that the United States wants to prevent China’s industrial upgrading. Trade friction has a negative impact on bilateral trade and disrupts the global industrial chain. By the end of 2019，China and the United States announced that they would reach the first stage of trade agreement，which shows that the trade conflict between China and the United States has begun to ease. In the short and medium term，the risk appetite of the market has picked up，the market confidence has increased，and the willingness to invest and consume has increased，which is conducive to the stabilization of China’s economy.