The rapid decline that started at 12 PM Beijing time is likely related to Trump's statement during his public meeting with Xi Jinping: "Xi Jinping is a tough negotiator. This is not a good thing." After this statement, the two began their private discussions.
The private talks have just concluded, and the results should be positive. The framework of the agreement outlined by Trump includes:
The soybean agreement will be implemented immediately.
A one-year trade agreement on rare earths and critical minerals has been reached, to be renegotiated annually.
Tariffs on China will be reduced from 57% to 47%.
A visit to China is planned for April, and Xi will soon visit the United States.
Cooperation with Xi on the Ukraine issue to achieve some results.
The tariff on China's fentanyl will be reduced from 20% to 10%.
Discussion on easing chip export restrictions for Nvidia.
Taiwan was never mentioned in the discussions with Xi, and while other countries are testing nuclear weapons, the U.S. testing is deemed appropriate.
Trump also stated that on a scale of 1 to 10, his meeting with Xi scored a 12. Overall, this meeting seems to have met expectations, and the 100% tariffs on China set for November 1 are no longer in place, indicating a short-term easing of U.S.-China relations.
The risk market rebounded after a brief correction, reflecting the market's recognition of the U.S.-China negotiations.
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