t’s been a challenging week for President Trump. The problems started when the Justice Department released a memo as part of their “commitment to transparency” that explained there was no evidence of an “Epstein client list” or that his death was suspicious. Trump offered a spirited defence of AG Pam Bondi, but this did little to placate the MAGA base, who appeared understandably sceptical. Reports that China believes it has the whip hand in trade negotiations because of its rare earth leverage can’t have improved the President’s mood. Worse still, there does seem to be substance to those reports. One poker tell was the recently announced deal between MP Materials and Apple, which will invest $500mn in rare earth magnets and a recycling facility (of course). That news followed last week’s announcement of a $400mn investment in MP by the Pentagon, no less! Trump then managed to go 0 for 3 when he ostensibly floated a trial balloon on firing Powell. The market reaction prompted a swift walk-back.
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