U.S. Treasury Secretary Steven Mnuchin calmed global markets slightly with his remarks expressing calm regarding the trade war with China. The secretary's language was softer than that of President Trump, as he spoke of a truce involving negotiations to ensure that China would not be affected by tariffs on $50 trillion worth of goods. These statements could signal an end to the depreciation of the U.S. dollar; however, we believe the nervousness seen last week is still latent in the markets, and any statements from President Trump or his officials could hurt the currency more than they help it.
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