There has been practically one story which has been driving headlines over the last few weeks, at least so far as the US stock market is concerned. A razor-sharp focus on incremental progress between the United States and China on trade has been a bullish fundamental for the Dow Jones and its sister indices. As the Dow has now all but erased its sizeable dip in 2018, it seems a natural assumption that the market has effectively priced out the dangers of further tariffs. As is usually the case, this is an oversimplification. Trade ‘Irritant’ not ‘War’ First of all,
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