President Trump finally delivered on his threat to greatly widen tariffs against Chinese exports with lower-than-expected 10% duties on $200 billion of products set to rise to 25% in January. China needless to say announced its own retaliation, though at lower-than-expected rates. The Chinese government has also indicated that it will cut duties on imports from the rest of the world, potentially worsening America’s competitive position. Elsewhere NAFTA negotiations are proceeding slowly, with some doubts raised over the U.S.-Mexico bilateral deal.

In logistics Hurricane Florence continued to make itself felt in Wilmington (NC) and Fedex delivered disappointing results. Meanwhile Maersk announced the next phase in its ongoing restructuring program and Gulftainer unveiled a major investment in Wilmington (DE).