Another hour, another anonymously-sourced, strawman of an idea suggesting the end of the US-China trade war is nearer.
This time it is The FT that reports, according to five people briefed on the discussions, the White House is considering whether to roll back levies on $112bn of Chinese imports - including clothing, appliances, and flatscreen monitors - that were introduced at a 15 per cent rate on September 1.
Such a move by the US would meet a core demand from Beijing as negotiators from the world’s two largest economies work out the terms of a ceasefire to be signed in the coming weeks by President Trump and Xi Jinping, his Chinese counterpart.
Washington would likely expect something in return, including beefed up provisions on the protection of intellectual property for US companies (which the Chinese already rejected earlier today), greater certainty on the scale of Chinese purchases of US farm products, and a signing ceremony for the agreement on American soil.
Futures exploded higher, taking out the overnight record high stops...
And Offshore yuan is bid...
How long before Trump tweets a denial? Or Navarro jawbones it away?
The FT does warn, 10 or so paragraphs down, that one person familiar with the matter cautioned that although there was a growing consensus within the Trump administration that they have to make a concession on existing levies, it was unclear whether the US president himself would sign off, so the rollback may not materialise.