A trade deal between the US and China is very unlikely as high-level trade talks will be held today in Washington. News that talks have stalled during yesterday’s mid-level talks and that the Chinese delegation led by Vice Premier Liu He may return back to China today, instead of staying until tomorrow which was the original plan. It remains unclear what will happen, bit both sides are aware that a deal cannot be reached. In order to safe face on the global stage and extend negotiations a mini-deal may be announced. The currency pact which is now being touted as a possible first step has been drawn up in February of this year before talks collapsed, so this is not any sort of breakthrough.