Last week saw a tumult of trade policy activity including: a worsening of the U.S.-China trade war, with little sign of renewed talks; the declaration by the U.S. that car imports are a security threat, souring relations with the EU; USMCA’s ratification became more likely following a resolution to U.S. steel and aluminum duties; while Brexit made no forward progress. In logistics container shipping rates may be entering a downturn while activity in the Persian Gulf highlights our black swan risk concerns. In industrial supply chains Walmart has chosen to tackle tariffs with price hikes,...