A Saturday call between Mnuchin, Lighthizer, and China’s Vice Premier Liu He was described as “constructive” by Chinese state media Xinhua, but that all changed this week.

This should come as a surprise to absolutely no one (especially after last night's vote on the Democracy Bill), but Reuters is reporting that 'Phase One' US/China trade deal may not be completed this year, citing trade experts and people close to the White House.

Additionally, Reuters reports that Trump and US Trade Representative Robert Lighthizer recognize that rolling back tariffs for a deal that fails to address core intellectual property and technology transfer issues will not be seen as a good deal for the U.S., a person briefed on the matter said.

US equity markets are tumbling...

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As the odds of a trade deal are plunging

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Source: Bloomberg

And Yuan is back at its weakest since October...

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