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The global markets continued to advance last week despite the normal twists and turns about trade which will continue until there is certainty one way or another. After listening to Trump at the New York Economics Club last Tuesday, it only reinforced our belief that he will NOT do anything, including trade policy, that would set back the U.S economy and stock market. This is how he gauges his success and is his ace in the hole to get re-elected. The bottom line is that we expect Phase I of a trade deal with China