US-China trade talks; Xi arrives in Russia; Xi's history lesson; Rate cuts and moderately more supportive policies

Summary of today’s top items:

1. US-China trade talks - President Trump ruled out pre-emptively lowering tariffs on goods from China, and said the Chinese side requested the meeting. The PRC Foreign Ministry spokesperson said today “this meeting is requested by the U.S. side.” It should be a fun couple of days in Switzerland, but at least they are talking. Expectations for any immediate, significant reductions coming out the weekend engagement should probably be very low.

2. Xi arrives in Russia - Cai Qi and Wang Yi were named as accompanying him. Xi was greeted by Russian Deputy Prime Minister Golikova at the airport. In a written statement released when he arrived, Xi said:

China and Russia, both major countries of the world and permanent members of the UN Security Council, will join hands to safeguard the victorious outcome of World War II, firmly safeguard the UN-centered international system and the international order underpinned by international law, resolutely oppose hegemonism …