The Trade Cascade…

We maintain our position that the Trump team is outgunned; POTUS doesn't understand trade; China is not subject to domestic political pressures to support its stock market; China is still a command economy and, in general, not subject to market discipline; Xi owns Kim Young-un and is using the North Korea Potemkin nuke deal as a pawn in a game of 3-D chess with the U.S., and, most important, and contrary to what POTUS perceives, the Chinese have little fear and respect for POTUS threats and policies.