
Making MOU’s, LOI’s, and Term Sheets Great Again
On Friday, President Trump made some not-so-fake news by openly clashing with United States Trade Representative Robert Lighthizer in front of both China's Vice Premier Liu He and members of the gathered press in the Oval Office. The exchange was recorded on tape and can be viewed below: As Lighthizer was explaining the latest MOU (or "Memorandum of Understanding", i.e., the basic legal framework of any trade deal with China), Trump interjected, “I don’t like MOUs because they don’t mean anything. To me they don’t mean anything. I think you’re better off just going into a document. I was never … a fan of an MOU.” Lighthizer, who perhaps has been living under a rock the past two years and one month, foolishly attempted to correct POTUS, explaining that MOUs…