Monthly Outlook: 2G, not G2

Trump held a key meeting with China’s Xi, before which posting, “THE G2 WILL BE CONVENING SHORTLY!” Markets may enjoy a ‘Farce 2 trade deal.’ But China has already announced new controls on the export of silver, tungsten, and antimony. And its key pharma inputs could be next. As such, the US will still aggressively target onshoring and alternative rare earths supplies. Rather than a US-China ‘G2’ world where they set the rules, we are on course for a ‘2G’: two decoupling blocs.