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Peter Navarro, who is the Assistant to the President, and Director of Trade and Manufacturing Policy, has said that it is  unlikely anything will happen quickly with trade talks.

Key Quotes:

  • We need the Fed to do its  job and cut rates.

Recently, Peter Navarro spoke to Fox Business and said  “The only way we get a recession in the distant future is if a Democrat sits in the White House,” when referring to the presidential election in 2020 and  earlier in August, Navarro warned China that it would need desperate measures if the yuan continues to fall.  

FX implications:  

The dollar is hanging in the balance of trade wars and the Fed. We have the Fed’s next meeting next month while trade wars have escalated which the US administration and China are not backing down. Yen and CHF can be major benefactors.