After months of discussion, today is set to be the day where “phase one” of a US/China trade agreement is signed. Effectively this draws a line under any further escalation in the trade dispute between the world’s two superpower economies. However, US Treasury Secretary Steve Mnuchin notes that existing tariffs will remain in force at least until the signing of a second phase of the agreement. There is much for both sides to work on. There is a fear therefore that markets have priced in all the good news on this part of the deal and that in the coming days there is a “buy on rumour, sell on fact” reaction as the ... (full story)