Last week in global supply chains
A diverse range of comments from the Trump administration raised the question: is the U.S.-China trade deal is still on, or not? The President has stated it is. Our analysis of farm export data suggests that it is too with a surge in exports of pork in the past month. Other goods are lagging though and a deterioration in relations over Hong Kong can't be ruled out.

The U.S.-China trade war isn't just expressed through tariffs and the phase 1 trade deal. The U.S. utilities are also awaiting more information on where they can source bulk power generating equipment from following a national security order issued back in May - our data shows a marked increase in imports from Europe at the expense of those from China. Solar powersupply chains remain secure for now.

U.S. trade policy may also be taking amore hostile tack towards the EU. The U.S. withdrawal from OECD digital services tax talks could result in a new round of tariffs on luxury goods.