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North Korea: Trump called off the summit, before an unscheduled meeting between the leaders of South and North Korea managed to patch things up. Trump had suggested that Chinese actions were to blame for a change in approach from Pyongyang. As of the 29th May the preparations for a Trump-Kim Jung Un meeting were moving ahead quickly. We remain to be convinced that denuclearization is truly attainable.
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U.S.-China Trade: talks about a potential deal have, reportedly, been progressing. The shape of the deal was supposed to involve survival for ZTE, additional market access for U.S. firms and long-term purchase contracts for commodities produced by the U.S. – diverting Chinese demand away from many U.S. allies. Renewed aggressive public White House demands for concessions on intellectual property were rebuffed.
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U.S.-EU Trade: hope for a full exemption from steel/aluminum tariffs for European allies were largely extinguished by Commerce Secretary Ross. Raising the tension further, Trump initiated an investigation into whether imports of automobiles into the U.S. damaged national security. If punitive trade measures were ever invoked over such a matter then it would surely be the end of the WTO and current trade rules.
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