On today's show Andrew and Bill begin with the looming Trump-Xi meeting in Seoul, South Korea, and the "consensuses" agreed upon in Kuala Lampur this past weekend. Topics include: Treasury Scott Bessent's comments indicate that the recent rare earth export controls could be delayed by a year, questions about what the U.S. might have conceded to secure that delay, talk of removing fentanyl tariffs, how Beijing sees the US in 2025, and a Trump visit to Beijing that may portend relative stability in the short term. At the end: Parsing the five-year plan and two stories about the Chinese economy, the scale of Europe's Nexperia problem becomes clearer, and thoughts on the challenge facing Europe and the United States as they attempt to build secure supply chains in the years to come.

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Bill Bishop is the author of Sinocism

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Latest US-China "framework"; EU's rare earths stress; 80th Anniversary of Taiwan’s Restoration; Financial Street Forum; PLA; B30A chips — Sinocism

Fourth Plenum communiqué; New CMC vice chair; US-China meetings; Nexperia mess; PRC AI in Global South — Sinocism

US, China Tee Up Sweeping Trade Deal for Trump, Xi to Finish — Bloomberg

Trump Suggests He May Drop Probe on First-Term China Trade Deal — Bloomberg

Trump, Xi to Discuss Lowering China Tariffs for Fentanyl Crackdown — Wall Street Journal

Most-Wanted Fentanyl Producer Is Extradited to the U.S. After Brazen Escape — Wall Street Journal

China, U.S. reach basic consensuses on arrangements to address respective trade concerns — Xinhua

Trump is poised to end Washington’s Decade of the China Hawks — Semafor

China Deepens Push for Tech Self-Reliance Ahead of US Talks — Bloomberg

Netherlands-China chip war terrifies European car industry — Politico

Why China keeps winning the trade war — Financial Times

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