The first round of China-U.S. talks designed to lay the groundwork for a wide-ranging agreement between President Xi and President Trump in November appear to have made little progress. An exchange of views and a commitment to (as yet unscheduled) further talks were the main outcomes. It is likely that duties on $260 billion of bilateral trade, led by IT industry equipment on the U.S. side and commodities for China, will be applied shortly. The final list may be adjusted following consultation by the U.S. government with business representatives. Those finished this week with testimony f...