Hapag-Lloyd has finally completed its acquisition of UASC - we estimate it has paid over two times revenues, a premium to Maersk’s bid for Hamburg Sud. Also: what we learned about steel yesterday; and we review of what wine Americans are importing.

Canada and Mexico are committed to NAFTA talks being trilateral - our analysis of their top 50 export lines show they will be more like a series of bilaterals. Also: toothpaste exports may be disrupted by a Mexican bridge; and our monthly review of U.S. beer imports.