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Please consider Xi Calls for China to "Stay the Course".

Chinese President Xi Jinping addressed his nation Tuesday morning in Beijing to commemorate the 40th anniversary of China's "reform and opening up," striking a relatively defiant tone to international calls for major changes in his country's economy.

"No one is in a position to dictate to the Chinese people what should or should not be done," Xi said in Mandarin Chinese during the address, according to a translation.

He called for China to "stay the course" on its current path of reform.

This year, Xi abolished the presidential term limit for his one-party-led country. The clause "Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era" was also added to the Chinese constitution, following mentions of former Chairman Mao Zedong's and Deng's contributions.

Tariff Ceasefire?

It's hard to say if that is for show or reality, but it does not look like a trade ceasefire to me.

Market Facilitation

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Meanwhile, back in the US, tariff kickbacks are now called "Market Facilitation Payments".

Trump sees a need to "facilitate" the market.

If Trump escalates the trade war, expect more facilitation.

Mike "Mish" Shedlock