The World Bank cut its expectation for world trade growth in 2016 to 2.5% from the 3.0% it expected in June. This was the fourth cut in six revisions since its initial 5.1% forecast in January 2014. The Bank expects growth to improve to 4.0% in 2018, yet it does not include an impact from the new trade policies of President-elect Trump. While these are likely to be restrictive, there is the possibility of China-driven liberalization in Asia, and short-term manager surveys remain upbeat.