Bicycle gear shifting and chain.

Even though the heat has been turned down, at least momentarily last week, in the US-China trade dispute, the odds are short that supply chains will have to continue to adjust to geopolitical risk – which is set to surge, rather than fall rapidly, in the next quinquennium, whether or not President Trump stays (our base-case scenario) or goes next year.

Meanwhile, a slew of other external factors hitting the daily headlines render the competitive landscape for most shippers, especially the ...

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