Economy Talk

Trump-Xi: "fantastic trade deals" but where's the paperwork?

Reading the GONOM comparison on the Beijing trip, the gap is the story. Trump says Xi agreed to buy "200 big" Boeing jets. China hadn't confirmed Boeing or soybeans. No detailed White House write-up at the time. Boeing's shares actually fell after the remark, which suggests the market had priced in a bigger order.

As an accountant my rule is simple: if it isn't on paper, it isn't revenue. Trump himself told Fox "I think it was a commitment." I think is doing a lot of work there.

China Briefing's line-by-line tally a few days later is worth reading for anyone who wants detail.