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The China bargain emerges

Photo: Andrew Caballero-Reynolds/AFP/Getty Images

You could almost hear the markets breathe a sigh of relief this morning when Treasury Secretary Steve Mnuchin announced an armistice in the trade war.

Between the lines: This was basically foreseeable. A few weeks ago, Axios had a story headlined "the one-trick pony," in which sources who've been in the negotiating room with Trump described his predictable tactics: "threaten the outrageous, ratchet up the tension, amplify it with tweets and taunts, and then compromise on fairly conventional middle ground."