Best summary of the US-China dance, from Morgan Stanley "If you’ve been following the US/China relationship this year, a pattern has emerged: A new round of tariffs or export controls, a flurry of headlines, and market tremors, followed by a search for the next uneasy equilibrium. The latest episode is no exception: China’s move to tighten rare earth export controls and the US threat of 100% tariffs are launching another cycle. While an unsatisfying conclusion for bears and bulls alike, it’s our view that a continued dynamic of rolling negotiations and truces is more likely than either a durable trade peace or a hard economic decoupling. We see this as a grinding, tactical contest for advantage as the US and China seek to secure their economic futures. Against this backdrop, neither Washington nor Beijing seems eager for a true split, at least not anytime soon. The economic costs would be staggering, and both sides know it. Key strategic interdependencies (e.g., rare earths, semiconductors) remain."(zerohedge)