US-China Trade Confusion
Trump stated that Xi had just had a "bad moment" amidst the US-China trade confusion.
The US-China tariff risk 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, $2.5 trillion in S&P 500 market cap evaporated during Friday's selloff.
Beijing's clarification stated that the controls are "not a ban", that export applications meeting regulations will be approved, and that licensing exemptions may be offered. The measures were described as a "legitimate practice" to safeguard national security amid military applications of rare earths.
Xi had just had a "bad moment"
Author's summary: Trump downplays US-China trade tension.