In May, trade headlines once again dominated financial markets – albeit in a relatively positive light as signs of simmering tensions were met with a revival in risk appetite. Notably, the United States and China reached a temporary agreement to de-escalate the trade war, with both countries agreeing to a truce that would see some tariffs on each other’s goods come down substantially for 90 days. While indeed an important step in the right direction, it is early days in negotiations and there’s potential for tensions to flare up again should an agreement prove elusive.