Trump-Xi summit will buy time, not resolve differences

Next week's summit between Xi and Trump seems unlikely to deliver much beyond a continuation of the existing truce, although a shift in US language on Taiwan in exchange for pressure on Iran or large-scale purchases of US goods can't be entirely ruled out. 

Meanwhile, trade data over the weekend are likely to confirm that the prices of China's imports surged in April. That may not be a surprise, except we think the key driver will have been, not oil, but memory chip prices.