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Happy Friday! Today's newsletter — edited by Shane Savitsky — is 603 words, a 2.5-minute read.

🇨🇳 Situational awareness: "The U.S. and China reached a partial agreement Friday that would broker a truce in the trade war and lay the groundwork for a broader deal." (Bloomberg)

  • President Trump, alongside Chinese Vice Premier Liu He, told reporters in the Oval Office that it was "a very substantial phase one deal." (WSJ)