There are several moving pieces in the broad macro story that are not going to be resolved in coming days. Although President Trump is playing down a "trade war" with China, it is difficult to see the basis for a deal when he meets with China's Xi at the end of the month in South Korea. The US is not about to relax its chokehold on advance semiconductor technology or allow subsidiaries of sanctioned Chinese companies to provide a loophole. Nor does it appear likely that Beijing would jettison its export licensing requirements for rare earths, processing technology, and EV battery technology. It also does not seem ... (full story)