Apologies for the late newsletter today, I am a bit under the weather. Two big news items today are Kim Jung Un's visit to Beijing, his first ever as head of North Korea, and reports of talks between the US and China to avert a trade war. Beijing clearly wants to get on the same page with Kim before his planned meeting with Trump. How Beijing got him to come is an interesting question. Did they threaten him with tougher sanctions? Did they offer concessions? Either way, the visit makes it much harder to argue that Beijing has limited influence over Kim.