彭博：特朗普寻求速胜，中国在中美贸易问题上着眼长远

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The ongoing trade negotiations between the US and China highlight a strategic divergence, with the US seeking quick agreements while China prefers a more measured approach [4][6] - The recent Geneva talks resulted in a temporary consensus, but the agreement quickly fell apart due to accusations of non-compliance from both sides [11] - China's exports to the US have significantly declined, with a reported drop of 34% in May, indicating the impact of US tariffs [19] Summary by Sections Trade Negotiations - The negotiations have allowed China to gain time and mitigate the risks of more severe tariffs and technology restrictions [2] - The contrasting negotiation styles of Trump and Xi Jinping reflect their differing political incentives and approaches to trade disputes [4][6] Export Dynamics - China is a dominant producer of rare earth minerals, with an annual production of 400 thousand metric tons, which plays a crucial role in the trade discussions [4] - The US has imposed a 55% tariff on Chinese goods, which includes various components from previous tariffs, complicating future negotiations [16] Future Outlook - The report suggests that the trade discussions may take years to resolve, with both sides needing to navigate complex issues surrounding export controls and compliance [4][12] - There is skepticism regarding the potential for significant concessions from China, as they aim to maintain control over their export licensing processes [12][14]