Per the below, there's serious (and consequential) conflict on trade going on in Washington.
If we're right in our assumption that the powers that be will side with the economy, Mnuchin will ultimately get his way. And, make no mistake, having witnessed Navarro's antics over the years, I can state with confidence that the treasury secretary is infinitely better versed on all things economic than is professor Navarro:
"Asia: Equities in the region traded higher despite Monday’s huge decline in the US. The driver of today’s strength is reports that Secretary Mnuchin and Chinese Vice Premier Liu He have restarted trade talks and that Liu may even actually make a trip to DC ahead of the G20 meeting between Trump and Xi later this month. It’s good to see that the two sides are talking, but over the last few months the burden has shifted from proof that tensions were escalating to proof that tensions were fading. At this point, for every positive piece of news with Mnuchin suggesting a thaw in tensions, there’s another one from Navarro that points to continued escalation."
-- Bespoke Investment Group
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