After two days of negotiations, the United States and China appear hopeful about the progress they’re making on a trade deal. But let’s take a look at what actually went down this week. Both countries say they have a "framework" that basically gets trade talks back to the agreement they made in Geneva a month ago.

China holds a near monopoly on the global supply of rare earths — metallic elements essential to both civilian and military applications.

Trump, speaking to reporters before a performance of "Les Miserables" at the Kennedy Center, said trade negotiations were continuing with about 15 countries, including South Korea, Japan and the Euro...