Trump and Xi will meet tomorrow and may agree to hold off imposing new tariffs for the time being. While this would be a positive outcome for China’s economy and markets in the short-run, any gains will probably prove fleeting with a renewed escalation in trade tensions still likely further down the road. Meanwhile, the continued spread of crop-eating armyworms adds upside risks to consumer prices at a time when inflation is already on course to hit an eight-year high due to disruptions to pork supply from African Swine Fever.
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