This is John Batchel, a conversation with colleague Brett Arons of MarketWatch,

return on investment on the road, about the trading that's been going on in the bond market,

especially these last days since Liberation Day, some 12 days ago.

Watching the bond market, Brett comes to a measure of where we are in the excitement, the tariff trade,

the so-called trade wars between Washington and Beijing. He adds in the talk of rare earths

being in some fashion inhibited or blocked or stopped or not available from the Chinese producers.

Brett Arryn's Market Watch, where are we beginning, middle, and end of the crisis?

Question mark.

More of this than I.

We can't tell, but I reckon we're probably near the, I think we've passed the point.

I mean, I think Trump has essentially climbed down.

I think it's been explained now.

They've realized that China can switch off the U.S. bond market and rare earth supply.

And I think now it's about saving face and extricating America from this crazy

tariff war.