Stocks, Yuan Tumble On Reports That 'Phase One' Trade-Deal Delayed A Saturday call between Mnuchin, Lighthizer and China’s Vice Premier Liu He was described as “constructive” by Chinese state media Xinhua, but that all changed this week. This should come as a surprise to absolutely no one (especially after last night's vote on the Democracy Bill), but Reuters is reporting that 'Phase One' US/China trade deal may not be completed this year, citing trade experts and people close to the White House. Additionally, Reuters reports that Trump and US Trade Representative Robert Lighthizer recognize that rolling back tariffs for a deal that fails to address core intellectual property and technology transfer issues will not be seen as a good deal for the U.S., a person briefed on the matter said. US equity markets are tumbling... As the odds of a trade deal are plunging Source: Bloomberg And Yuan is back at its weakest since October... Source: Bloomberg Additionally, as Rabobank noted yesterday, if Trump gets wind of the fact that China is ignoring him, or even has the perception Beijing is working against him politically, it must surely raise the risk of higher US tariffs--at least on 15 December--rather than the risk-on imminent decrease so many have said so loudly for oh-so long. Tyler Durden Wed, 11/20/2019 - 13:00