• US trade data is due for  May. Normally a minor event, the political focus on trade makes this a more important number. With over a third of the US tax cuts expected to be spent on imports, US policy is likely to widen the deficit over time.
• The trade deficit matters because the US administration thinks that it matters. It is doubtful as to whether the  American voter knows what the size of the deficit is.
• US President Trump signalled a possible retreat on opposition to Chinese investment in the US, talking about softer options for reviewing investment.  The Trump Twitter feed was also sounding more hawkish on EU auto tariffs, and Harley Davidson.
• 

Le  marché allemand a perdu 300 milliards soit 12% de sa capitalisation.

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[Reuters] Oil rises on supply disruptions and as U.S. tries to cut Iran from markets

[CNBC] Kudlow moves to restock White House economic team

[NYT] Trump May Soften Sweeping Plan to Restrict Chinese Investments

[WSJ] Trump Eases Demand for New Tools to Limit Chinese Investment

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