“It just doesn’t get any bigger than this”. At least that is how President Trump is portraying the signing of the “Phase One” deal with China last week. But while talks between the two nations are undoubtedly positive for global trade, do they really make a substantive change in circumstances? Equity markets don’t seem to think so – they were only fractionally higher in response to the news.1 By contrast, gold initially fell by 0.27% before slowly reclaiming some of that marginal decline.
The Art of the Trade Deal