US-China Trade Confusion
Trump stated that Xi had a "bad moment" amidst the US-China trade uncertainty.
The US-China tariff risk has seen a shift from a threatened 100% levy to mixed de-escalation signals. This change occurred after Beijing clarified that its rare-earth "export controls" were not an export ban. Despite this clarification, $2.5 trillion in S&P 500 market cap was lost during Friday's selloff.
Beijing's clarification stated that the controls are "not a ban," and that export applications meeting regulations will be approved.
Beijing described the measures as a "legitimate practice" to safeguard national security amid military applications of rare earths, and licensing exemptions may be offered.
Author's summary: Trump comments on Xi's "bad moment" amidst trade uncertainty.