JPM: “Looking further into 2020, however, uncertainties related to US-China relations remain high, particularly from March onwards as the US enters election season, with difficult structural issues including IP, technology transfer, SOE policy and industrial subsidies yet to be resolved. Even with the near-term Phase One Deal, the bar for Phase Two agreement is much higher, in our view, and we believe changes in the US-China relationship are unlikely to be reversed. “Selective decoupling” between the two largest economies will continue, in our view, and non-tariff issues could over-shadow tariff actions in the coming year. “