Analysts at the Royal Bank of Scotland (RBC) note that both sides in the trade war were in rapprochement mode last week.

• “China committed to doubling its annual purchase of American agricultural products to as much as $50bn. The US, in turn, held back from implementing tariff increases scheduled for this week. But there are still plenty of clouds on the horizon.
• All the existing tariffs remain in place and the threat of escalation remains (tariffs increases due on the 15 December would hit consumer goods) and the core issues of national security and technology transfer have yet to be thrashed out. Long way to go in this saga.”