The mood of optimism surrounding the expected move towards “phase one” of a US/China trade deal has turned increasingly wary in recent days. Trump’s speech on Tuesday hardly showed the way forward, opting instead to go on the offensive in his rhetoric. Now it seems that a “snag” has been hit. Suggestions are that China are concerned over the one sided nature of the deal given the significant increase in agricultural purchases (doubling to around $40bn/$50bn per year). China are looking for get out clauses should relations sour again. This is driving market flow back into safe haven assets. A decline in Treasury ... (full story)