Danske Bank's analysts note that Bloomberg reports the U.S. and China are struggling to get a face-to-face meeting in place in September, as the new round of tariffs imposed on Sunday is hurting trust between the two sides.

• “Washington did not meet a Chinese request to delay the tariff hike on 1 September. The fact that the two sides struggle to agree even on the conditions for a new meeting is in our view indicative of how far the two sides are from each other despite US President Donald Trump's frequent messages that the talks are going fine.
• Trust may have been hampered further by Trump referring to a call from Beijing negotiators that apparently never took place. For now, the correspondence is in our view more a matter of damage control and avoiding further escalation than getting any closer to a deal.”