“It seems to be a solid step forward,” Yangbin Wang, CEO of Silicon Valley-based software company Vobile, told me, pointing to “some pragmatic compromises to reduce their conflicts.”

Investors may have been disappointed by the lack of a grand bargain, but Trump will get another chance to push relations forward when he travels to China in April. “The practice of statecraft is never a one-off thing,” Pradeep Philip, Deloitte’s chief economist, tells me. Here are some takeaways for leaders after a whirlwind week:

Multilateralism isn’t dead: Despite the rhetoric out of Washington, APEC delegates were mildly optimistic about the future of trade. China wasn’t the only U.S. trade agreement solidified last week: Trump firmed up agreements with Japan, South Korea and several ASEAN nations. 

And even if the U.S. isn’t engaging other governments on trade, other countries are. They’re looking to diversify their economies, says Todd Handcock, Asia Pacific executive chair and chief commercial officer for Collinson International. “You see a lot happening right now between the ASEAN countries. Koreans and Japanese are having deeper conversations than maybe I would have seen in past conferences.”

Energy is top-of-mind: Energy, whether renewable or non-renewable, was a big conversation topic at APEC this year, including a Trump shout-out to “clean, beautiful coal” during his address, thanks to AI’s massive hunger for energy.

American leaders may be all-in on fossil fuels, but the rest of the world isn’t so sure. HD Hyundai vice chair Seok Cho, in a panel I moderated on Wednesday, laid out a vision of “energy security” for a world transformed by AI, focused on renewables, critical minerals, and digital transformation. 

Cho’s not alone. Deloitte’s APEC CEO survey, unveiled during the conference, reports that almost 60% of APEC leaders plan to invest more in sustainability this year, up from 29% last year. 

South Korea is a force to watch: South Korea punches above its weight in strategic technologies like autos and semiconductors. One official, over coffee, gushed over Korean AI developers like Naver and LG. And it’s not just hardware; Korean soft power is also a source of strength. Here’s how BTS member RM put it in his Wednesday keynote: “We take Korea’s unique aesthetics, notions and production system, but we don’t turn away elements of Western music like hip-hop, R&B or EDM. Just like bibimbap, these parts all keep their unique identities but mix together to make something new and fresh and delightful.”

“You are so good at making memory technology,” Nvidia CEO Jensen Huang told Korean reporters on Friday. “The only thing you make maybe even close to being as good is fried chicken.”

FORTUNE has two more conferences in Asia-Pacific this year, where we’ll convene leaders from across the region to discuss the most important issues facing business today: The Fortune Innovation Forum on Nov. 17-18 in Kuala Lumpur, and Brainstorm Design on Dec. 2 in Macau.

More news below.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

SCOTUS considers Trump’s tariffs

The Supreme Court on Wednesday will hear arguments from U.S. businesses that it should curb President Trump’s emergency tariffs powers in what is expected to be a landmark case. The Chamber of Commerce argues that tariffs are inflicting irreparable harm and that their uncertainty is causing companies to delay capital investments and consumers to delay purchases. Trump says that stripping him of the power would leave the U.S. “defenseless.”

Trade war truce

The White House has unveiled more details of the agreement between Washington and Beijing last week. Among other measures, Beijing has pledged to issue a general license to export rare earths to U.S. users, buy at least 12 million metric tons of U.S. soybeans, and suspend its most recent retaliatory tariffs on U.S. goods. In return, the U.S. will lower its fentanyl-related tariff on Chinese goods to 10% and suspend a new rule that vastly expanded export controls on Chinese-owned firms.

Shutdown stalemate 

The month-long U.S. government shutdown is nearing the 35-day record for the longest ever, though a breakthrough may be in sight. Lawmakers are talking about ending the stalemate, but a final deal will depend on Trump’s willingness to engage. 

Labor migration drops

Work-related migration to rich countries has dropped after rising steadily since the COVID pandemic, according to new OECD research. The 21% dip, which occurred before Trump returned to office, is due to a cooler labor market and countries like the U.K. tightening visa requirements.

Palantir’s high school hires

Palantir CEO Alex Karp says universities have become an unreliable training ground for today’s workforce and that recent college grads are just "engaged in platitudes.” The WSJ profiles Palantir’s new “Meritocracy Fellowship,” which gives 22 high-school grads the chance at a full-time Palantir gig. 

Private credit’s ‘J. Crew’ clause

Private credit lenders are preparing for “some distress on the horizon” by requiring stricter legal terms, including deals that ban “trap doors” like the one used by clothing retailer J.Crew to sidestep creditors. 

The markets

S&P 500 futures were up 0.36% this morning. The last session closed up 0.26%. STOXX Europe 600 was up 0.44% in early trading. The U.K.’s FTSE 100 was up 0.07% in early trading. Japan's markets were closed today. China’s CSI 300 was up 0.27%. The South Korea KOSPI was up 2.78%. India’s NIFTY 50 was up 0.18%. Bitcoin was down at $107K.

Around the watercooler

The 30-year-old obsessive networker who is leading a wildly profitable niche on Wall Street known as ‘directs’ by Shawn Tully

Airwallex crosses $1 billion in annualized revenue as fintech unicorn takes on U.S. competitors like Ramp and Stripe by Leo Schwartz

‘Godfather of AI’ says tech giants can’t profit from their astronomical investments unless human labor is replaced by Jason Ma

Former VP Kamala Harris says she went through a nine-hour interview to land the job—but she couldn’t escape ‘gold medal depression’ even when she won by Emma Burleigh

Billie Eilish calls on billionaires to give away their wealth—with Mark Zuckerberg in the room: ‘If you’re a billionaire, why are you a billionaire?’ by Jessica Coacci

Amazon says its AI shopping assistant Rufus is so effective it’s on pace to pull in an extra $10 billion in sales by Dave Smith

CEO Daily is compiled and edited by Nick Gordon and Claire Zillman.