President Trump has stated that the EU is worse than China – it may be in relative terms but not in absolute terms and tariff-based policy action will prove complex. We determine which companies may be affected by list 4A tariffs. Also: oil and petrol trade may make it harder to keep moving post-Brexit; the EU dragged the global trade economy into a 2Q downturn; Brexit Watch: DFDS cuts outlook, sees stockpiling short-term and one bright spot; and one pickup doesn’t make a peak season.