The latest round of China-U.S. trade talks do not appear to have made significant progress. The seven areas of technical discussions have been covered before while the U.S. also continues to focus on the Chinese trade surplus. A significant commitment to purchase U.S. energy, agricultural and manufactured products remained on the table. Yet, with a $302.6 billion trade surplus held by China in 2018 there would need to be a 2.2x increase in Chinese imports to close the gap. The inclusion of currency discussions suggests there may be concerns that increased purchases may be associated w...