DC-to-DC Power Wrap: US/PRC Trade Updates, PJM Curveball, & House Highway Bill

Research evidence excerpt

DC-to-DC Power Wrap: US/PRC Trade Updates, PJM Curveball, & House Highway Bill

TD Securities (USA) LLC POLICY NOTE

May 22, 2026

■WRG Energy Transition & Sustainability DC-to-DC Power Wrap: US/PRC Trade

Updates, PJM Curveball, & House Highway Bill

John Miller THE TD COWEN INSIGHT

202 868 5306 ■US/PRC published incremental detail on Trump-Xi summit, both noted work to address

john.p.miller@tdsecurities.com friction over REE supply/export prohibitions.

Cooper Pryde

■PJM's Board threw curveball into RBP process, combining effort with C&M and calling for a

212 468 7804

Sept 2026 RBP auction.

cooper.pryde@tdsecurities.com

■House T&I introduced ~$580B 5-year surface transport reauthorization, includes EV/PHEV

fee.

Sector Impacts: Basic Materials; Utilities; Energy; Auto OEMs

What Mattered This Week?

Trump 2.0 - China 'Details' - Washington (HERE) and Beijing (HERE) released incremental

Trump-Xi summit readouts - prior note (HERE). On REEs, US said PRC 'will address US concerns'

over supply chain shortages and export prohibitions, while PRC stated countries 'will jointly

work' on concerns. Setting aside the standard diplomatic discrepancies, we see this as a

positive near-term outcome. In our view, PRC's REE export controls remain shelved, but are

a credible escalation lever if Trump increases tariffs. Post summit, we expect US to continue

build-out of domestic/friend-shored REE production/processing capacity. We remain skeptical

of long-term PRC agricultural and energy (oil/LNG) purchase commitments, but note first

sailings of US/PRC LNG shipments under Trump 2.0 (HERE).

Power/Energy Infra - RBP Curveball - PJM Board surprised us by noticing intent to consolidate

RBP and C&M work streams - prior note (HERE). Board followed up by publishing details of