THE TRADE WARS CONTINUE The financial press has been consumed recently with speculation about the outcomes of both the Fed’s latest meeting and President Trump’s ongoing trade negotiations with the Chinese. As we warned in our last letter, there appears to be a stalemate in the trade negotiations, and it now appears that the Chinese may have decided to wait until after next year’s presidential elections in hopes that they will get a better deal should a Democrat win the White House. President Trump didn’t like the outcome of his negotiating team’s last visit to Bejing and he immediately announced a 10% tariff on $300 billion of additional imports from China, sending the stock and bond mark

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