Whew! After a week of extreme geopolitical tensions over a potential war with Iran, this upcoming week seems positively easy by comparison.

Next week appears set for some important steps on U.S.-China trade, and the likely beginning of the impeachment trial in the Senate, as well as the final Democratic debate before the Iowa Caucuses on Monday, February 3.

Nevertheless, the threat of terroristic violence from Iran is not going away, and the killing of General Soleimani will hang over the region for a while. The general was the key Iranian link to the proxy terrorist groups and an action by one of these groups can't be ruled out. If a rogue attack (not sanctioned by Tehran) or even one blessed by Tehran kills Americans, tensions will return quickly and President's Donald Trump inclination towards peace will be tested.

While the final text for the Phase One China trade deal has not been released both sides have confirmed a signing next week on January 15 at the White House. China will be sending Vice Premier and chief trade negotiator Liu He to give his John Hancock to the agreement, which will be followed up with a likely spring trip to Beijing by President Trump.

Also, on the trade front, the Senate Finance Committee approved, on a bipartisan vote of 25 to 3, the re...

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