Having commented so often about U.S.-China trade relations and the ongoing negotiations, we fear we risk boring clients. However, the trade negotiations are reminiscent of the traditional “soap operas” on daytime television in that their stories never end. Every time one crisis is resolved, another arises. Recent comments from President Trump and U.S. trade officials have followed two themes: 1) there has been great progress on the key issues; and 2) considerable differences over key issues remain to be resolved. Although these may appear contradictory, both are probably accurate. There has been considerable progress and even agreement on some of the important issues, but differences do also remain. According to various press...