That's not good for risk trades
CNBC reports that Peter Navarro is fighting the current language of the deal because he wants it to be harder on intellectual property.
In all likelihood, Trump has sidelined Navarro on this point but there's a clear risk that he will get the ear of the President and the progress so far will be unwound.
CNBC's Kayla Tauche said on air that Navarro is pushing Trump to make China commit to earlier language on intellectual property protections. She cited three unnamed sources and noted that he had been unsuccessful so far.
USD/JPY is down a few pips on the headline but it hasn't gotten much traction yet. She reported on the news at about 2 minutes after the hour.
Update: The full CNBC story is out now.
