Bloomberg is out with a very interesting report highlighting China’s push for a trade deal. Beijing is hoping that the US will lower tariffs if it pledges to build massive factories in the United States.

The proposals were first raised in Madrid last month and China floated investing $1 trillion. That compares to the $2.1 billion invested in the first half of 2025.

If there is some kind of grand bargain here, it could reset thinking around inflation and global GDP, triggering a scramble for resources.