Analysts at Nordea Markets note the trade war has been the hot topic for the global economy and financial markets in 2019 as increased uncertainty has been destructive for existing value-added chains and has held back investment decisions.

• "A closer look at the trade statistics confirms that the trade war is a losing game, as the list of countries managing to gain some benefits from the redirection of trade flows is very short. So far, the ability to gain from the trade war does not seem to be the crucial factor for interest rates and currencies in the EM space.
• Our hunch is that the financial market implications for the very few trade war winners may only become materially visible over time as the benefits accumulate."