World trade's annual expansion rate will average 2.3% through 2031, compared with an increase in global gross domestic product of 2.5%.
Labor strife could be the next great inflationary trend.
The big unanswered question is whether the supply pressures are going to mean higher prices for consumers.
The two nations have become alternative suppliers of soybeans and other agricultural products to China.
Trump threatened additional trade obstructions if a deal is not reached.
Made-in-China consumer items stand to get pricier in the middle of the busiest shopping month of the year.
The president is rejecting claims that his trade policies are inflationary.
The commerce secretary said the Fed has made faulty assumptions about the threat of inflation.
The Fed nominee is challenging the belief that growth causes inflation.
The department expects to issue $365 billion in net marketable debt from January through March.
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