White House official dials it all back – its not a deal, its just an ‘understanding’

Trump announced a deal:

• Trump says just signed deal with China on Wednesday

Lutnick did too a little while later:

• US Commerce Secretary Lutnick has said a US-China trade deal was signed two days ago

But it soon became clear that it was nothing new:

• US Com Secretary Lutnick announced the deal with China that was reached in Geneva in May!

Now this:

• White House official says an understanding reached with China this week is about how to implement expediting rare earths shipments to the U.S. again

So its an ‘understanding’. Not a deal. Not even close.

Progress on rare earths is something.

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This guy is a Fox reporter, digging through the b/s:

In summary:

• the two have agrred to an additional framework to implement the Geneva agreement, which had previously stalled
• China will accelerate licensing for rare earth mineral exports
• the US has agreed to roll back certain export controls that were imposed after China failed to fully comply with the Geneva terms

This article was written by Eamonn Sheridan at www.forexlive.com.