President Trump and Chinese leader Xi Jinping announced the outlines of a historic trade deal, touching on everything from agriculture to technology exports ... again.

The big picture: The deal announced early this morning overlaps considerably with previous deals Trump and Xi have cut over the past six years. In many cases, in some way or another, those deals fell apart or failed to perform, often with the Chinese changing their plans abruptly.

Breaking it down: Agriculture, rare earths, export controls — whether in Trump's first term or even earlier this year, these pacts have history. • Within months of past pronouncements — the "Phase One" deal in 2019 or the rare earths truce in May 2025 — the situation was mostly back to square one.

Now, here we are again. • And since this app

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