Air and sea freight bookings for international cargo are plunging. As the reality of empty shelves starts to hit consumers, will Donald Trump blink? Today on the show, Katie Martin and Rob Armstrong try to figure out how long the US president can hold out, and wonder, if he does blink, how long it might take to get trade going again. Also they go long Greggs bakery chain and short the AAII Investor Sentiment Survey.

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Read a transcript of this episode on FT.com

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