After much anticipation that following Trump's ZTE gamble, China may relent in the ongoing trade war - stoked in no small part by Larry Kudlow's false statement that Beijing had offered to reduce the US trade deficit by "at least $200 billion" - on Friday the U.S. and China wrapped up the second day of trade talks, and while Beijing made a vague, unenforceable commitment to buy more U.S. goods and services, it resisted Trump's core demand that it cut by more than half the $375BN bilateral trade deficit. According to the WSJ, while the Chinese were wary of committing to specific purchases - even though Kudlow ... (full story)