This is how the US and China trade meetings went down - Nomura

Analysts at Nomura explained that a series of meetings between trade delegations from the US and China showed no material change in the current tenor of US-China trade relations as both sides stake out positions unlikely to be accepted by the other.

Key Quotes:

"We find it more likely than not that an initial round of tariffs by the two countries, of roughly 25% on $50bn worth of goods both ways, will be enacted.

The Trump administration extended temporary exemptions for major US trading partners on Monday night. Overall, we view the delay as another example of tough rhetoric but less follow through for the administration when it comes to protectionist policies. That said, we continue to view the ongoing Section 301 intellectual property dispute with China as the greatest trade risk. 

Finally, reflecting positive NAFTA developments over the past few weeks, we lowered our estimated probability of a NAFTA breakup from 40% to 25%. However, despite our increased optimism, notable hurdles remain, including a potentially complicated ratification process in the US."