The U.S. and China have not yet held talks to review their phase 1 trade deal, despite such a review being required by Aug. 15. President Trump is in a difficult position. On the one hand, Chinese purchases under the deal are well behind its commitments and so showing a pre-election”tough on China” stance by cancelling the deal could be worthwhile . That would also be consistent with, potentially deal-breaking, U.S. sanctions regarding Hong Kong and Xinjiang as well as business restrictions against Bytedance and Tencent. On the other the shortfall in purchases shows the deal has essentia...