The ‘first rate cut 101 playbook’

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Donald Trump is optimistic about China—"I have a feeling that we are going to make a deal"—but may soon be less so about Mexico, where a quick-fix to stopping migration to the U.S. is unrealistic, raising the specter of tariffs. Jamie Dimon warned further trade levies will hurt confidence and increase the risk of a downturn, and Wilbur Ross said he doubted a pact with China would be concluded at the G-20 summit.