Today we got a taste of things to come when White House China hawk Peter Navarro stated to the press that the US-China trade deal was “over”. Cue a plunge in stocks and in CNY and in bond yields and general risk off. Then cue the inevitable rapid winding-back of those comments from Navarro and Kudlow and Trump, with the former saying his comments had been taken “wildly out of context” (they hadn’t given he was talking about the total collapse of US trust in China) and the latter tweeting “The China Trade Deal is fully intact. Hopefully they will...