Whole stack of no s**t Sherlock statements from Fitch here:

  • phase 1 deal will not resolve US corporates' trade concerns
  • phase one US-China trade deal alone unlikely to eliminate uncertainty given prolonged phase two negotiations on structural issues
  • Fitch, on US corporates says renewed escalation of US-China tensions remains a significant risk
  • says a 'phase one' US-China trade deal may only provide limited benefit for US technology companies

All the disruption for the sale of a few more soybeans to a country that would have bought more anyway. And yeah phase two will be an even bigger debacle.