International trade winds and stock markets

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If the coronavirus situation escalates, world trade is in for a major supply shock that will damage company earnings and productivity. The outlook remains unclear.

There were attacks on the international order of promoting free trade before the coronavirus hit. Many emerging countries refused to make rapid progress to lower tariffs and fewer barriers to trade, wishing to protect their domestic industries and above all their farms. Donald Trump arrived with the aim of having fairer free trade, but willing to use more barriers and tariffs if others did not see it his way.

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