From memory, the announcement after the Geneva talks about an “agreed framework” to negotiate a tariff deal caused a bit of a melt up in US markets.
Fast fwd a few weeks and the US accused China of going slow and breaking the Geneva agreement and slapped restrictions on chip and electronics components and Chinese students studying in the US. China responded in kind and slapped export restrictions on rare earth and rare earth magnet exports.
Fast forward a few more weeks and US defence contractors and car makers begin shutting down production lines tDid to rare earths shortages.
Trump requests a phone call with Xi.
A few days later US and Chinese teams are in London to again talk trade.
The communique after 2 days of talks is that again the US and China have agreed on a framework to negotiate a tariff deal, having each agreed to move or loosen trade restriction on chips etc by the US and rare earths by China.
Talk about Ground Hog Day … the two countries are now back where they were after Geneva.
No wonder markets have barely reacted this time around.
