US-China Trade; Recalibrating the "tough bat…

Happy Monday from DC. The top things I am watching today include: The Shanghai Composite Index reacted Monday to the US-China trade war by having the biggest one day gain in over two years, in spite of no signs of progress towards a resolution; US Secretary of State Mike Pompeo had difficult meetings in North Korea and now President Trump is suggesting that China may be "exerting negative pressure" on Kim. If North Korea ends up embarrassing Trump expect him to blame China in part, and to return to considering sanctioning major PRC financial institutions and SOE oil firms, which would significantly intensify the US-China trade conflict.

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