"There's an old saying in Tennessee - I know it's in Texas, probably in Tennessee - that says, fool me once, shame on -- shame on you. Fool me -- you can't get fooled again."
- former US President George W. Bush, Nashville, Tenn., 17 September 2002.
Yes Virginia, it was the stuff that brought "Bushism" into our collective consciousness.
Of course, we all know what George W. was on about - "Fool me once, shame on you. Fool me twice, shame on me."
Most equity markets around the world rebounded following news that the trade talks between the US and China - though it won't be happening this month as expected - will happen in October.
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Bloomberg reports: "Chinese Vice Premier Liu He agreed to a visit in "early October" during a telephone call on Thursday morning Beijing time with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer, according to a statement from China's Ministry of Commerce. A cautious statement from the USTR's office confirmed that ministerial-level discussions will take place in "the coming weeks," without specifying when."
The whole universe is, in the lyrics of Dusty Springfield, "wishin' and hopin' and thinkin' and prayin'" that a deal would be done and the planet would revert to pre-Trump's tariffs and China's (and other US trading partners') retaliation.
But we've all seen this before. We've been fooled not just once, not just two or three but many times by talks that lead to expectations to a deal ... only to watch both the US and China up the ante on the trade war.
Here's a picture of the escalating US-China trade war from bbc.com:
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