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The week started on a promising note, with US Treasury Secretary Mnuchin telling a Sunday TV show that, “We are putting the trade war on hold” as “we try to execute the framework” with China, points out Sean Callow, Research Analyst at Westpac.

Key Quotes

“Having failed to get China to agree to a (ludicrous) specific dollar target of reduction in the US trade deficit with China, the US now seems to be settling for promises China made some time ago to boost imports from the US, especially of agricultural products (high tech remains very sensitive).”