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