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The US-Chinese trade war has been resolved again. That at least would appear to be the verdict of US asset markets. The scare that President Donald Trump caused with his threat of an extra 100% tariff on China to retaliate against export controls on rare earths didn’t last long. Over the past week, the S&P 500 has gained 2.8%, almost back to its record. It’s been helped by a 1.8% rally in long Treasuries over that time.