The EU is deciding how to retaliate against U.S. subsidies for its aerospace industry as relations between the two worsen – the capital goods and commodities sectors will pay the price. The latest round of Chinese tariff exemptions may help Caterpillar. Also: Trump’s trade deficit success could prove short-lived; Panalpina’s growth parked ahead of DSV’s push for scale; Japan’s electronics trade slips ahead of coronation holiday disruption; USMCA’s tangible gains may be beaten by tariff politics.