A short time ago, CNBC's Eamonn Javers reported -- citing the White House -- that Trump still hasn't signed an executive order that would put additional 50% tariffs on China at midnight, as he has threatened.
Earlier today, Trump appeared to beckon China to negotiate. If there as any doubt, White House press secretary Karoline Leavitt made it clear that he's sitting by the phone.
It will be daybreak in Beijing in a few hours so we might not have news until then but perhaps Xi has also sent a message by letting the yuan depreciate to an all-time low in a nearly 1% move today.
We will be waiting right until midnight (which is noon in Beijing) for a possible off-ramp but one thing to watch will be the on-shore yuan fix before that. If they let it fall, then I think that says everything you need to know.
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