| So the G-20 is over and presidents Donald Trump and Xi Jinping have shaken hands on a trade truce. Now what? While neither side has given much guidance on the path forward, there are a few milestones worth keeping an eye on. The first is talks. Trump has said that American and Chinese negotiators have already restarted discussions by phone, ending a six-week stalemate. How quickly that leads to U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He sitting down face-to-face will be one barometer of progress. Soybeans will be another. Trump has described a Chinese pledge to buy "tremendous" amounts of U.S. agricultural products as one of the agreements reached in Osaka. China, however, has only publicly said that during the meeting Trump expressed a desire for China to import more from the U.S. A substantial increase in Chinese purchases could augur well for the negotiations.  Then there's Huawei. Trump agreed to allow some sales of American technology to the Chinese company but the move is not a "general amnesty." And while U.S. suppliers have lobbied the Trump administration to allow them to sell to Huawei, there are also many American lawmakers opposed to any loosening of restrictions. Ultimately, what the G-20 meeting achieved was a ceasefire and the interruption of any additional escalation. It has not changed the dynamics of the confrontation nor has it brought Beijing and Washington substantively closer to a deal. There's a lot more of this trade war still ahead of us. Hong Kong And as the G-20 wrapped up and Trump concluded his venture into North Korea, the saga unfolding in Hong Kong took an unexpected turn. Thousands marched peacefully on July 1, the anniversary of the city's return to Chinese rule, to oppose the erosion of a framework that's kept Hong Kong relatively autonomous from the mainland. But a smaller, more extremist group broke into and vandalized the legislature, prompting condemnation. Beijing's message on Hong Kong has been that the city risks irrelevance if the unrest continues. To the rest of the world, it's been not to meddle. Ownership Limits Meanwhile, the opening of China's financial system to foreign investors appears to have picked up pace. Premier Li Keqiang announced this week that full foreign ownership of securities firms, futures businesses and life insurers will be allowed by 2020, a faster timetable than had previously been outlined. While it's not clear if the trade war was a factor in this acceleration, it is certainly welcome news for Wall Street. JPMorgan and Morgan Stanley are among global banks that have already taken steps to gain controlling stakes in local joint ventures. Tobacco and Liquor The most-welcome IPO in Hong Kong this year has been the international unit of China's state-owned tobacco monopoly. Shares of China Tobacco International, at their peak, had gained almost 500% since they began trading last month. That performance has prompted a number of comparisons with Moutai, the maker of China's most-prized brand of liquor. Last week, the distiller briefly became the country's first stock to exceed the 1,000-yuan-per-share threshold.  Future Land But China Inc. has also had its troubles. Future Land revealed this week that the property developer's founder and chairman was taken into custody by police in Shanghai. The announcement, and an earlier report of the detention in Chinese media, precipitated a dramatic plunge in the company's stocks and bonds. It also prompted speculation that Future Land might be forced to offload some of its assets and that rival developers were getting ready to pounce. Road to AI And finally, a story about dealing with the unexpected. Robin Li, the billionaire founder and CEO of Chinese search engine Baidu, was delivering a presentation on stage about artificial intelligence when a man suddenly appeared beside him and emptied a bottle of water onto his head. After an initial outburst of surprise, Li regained his composure enough to make light of the situation. "As everyone has just seen," he said, "there will be a variety of unexpected happenings on the road to AI." Stay cool and things will often work out just fine.  Know someone else who may enjoy getting this? They can sign up here. | 
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