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The Kobeissi Letter
The Kobeissi Letter|May 12, 2025 02:57
The entire US-China trade deal "pre-announcement" situation has been interesting: Friday began with President Trump saying that 80% tariffs on China "seems right." China responded by saying they "firmly oppose" US abuse of reciprocal tariffs. All of a sudden, a US-China trade deal was announced on the White House website on Sunday, without any further comment from Trump. 2 hours later, President Trump posted that his "most important and impactful" Truth statement of all time is coming. This statement ended up being entirely unrelated to tariffs. We have yet to receive a statement from Trump directly on the US-China trade deal. This explains why markets are only up ~1.3% on this otherwise massively bullish news. Uncertainty is still everywhere.
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Timeline

Jun 11, 01:25【Review the debt burden of Central Asia on China】
Jun 11, 00:19【White House refutes rumors that Beckett is a candidate for Federal Reserve Chairman】
Jun 10, 23:45【The negotiation team between China and the United States has reached an agreement on the trade framework】
Jun 10, 23:42【The United States and China agree in principle to the Geneva Consensus framework】
Jun 10, 23:23【China and the United States agree in principle to implement the Geneva Consensus framework】
Jun 10, 20:57【US Treasury Secretary exchanges with Chinese officials】
Jun 10, 19:32【Positive progress has been made in trade negotiations with China】
Jun 10, 17:48【The White House denies that Bessen is a competitor for the position of Federal Reserve Chairman】
Jun 10, 01:07【The United States is considering lifting some export controls in exchange for relaxing rare earths】
Jun 09, 22:52【China starts buying BTC】

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