No commentary up top today, not feeling particularly incisive.

Yesterday I wrote that the restart of the US-China trade talks felt less like a ceasefire and more like a political pause. A PRC reader sent me a much better description, saying it seems more like a one minute break between boxing rounds. For all the doom and gloom about US-China relations in DC I have to say that I find my Chinese contacts almost universally even more pessimistic about the next several years in the relationship.

Thursday is the July 4 Holiday in the US so the newsletter will not publish that day.

Thanks for reading.