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The tariff truce came to an abrupt end via presidential tweets on May 3. Until those tweets, US officials had been indicating that progress was being made and there was hope that at the sidelines of the G20 meeting that Trump and Xi would agree on a trade deal. The end of the tariff truce marked a turning point in the markets. Risk appetites were reduced. Equities and yields fell. The dollar eased in the first half of May as renewed trade tensions were understood as increasing the likelihood that the Federal Reserve would cut