BASF has cuts its 2019 outlook for earnings in response to a “considerably weaker-than-expected business development” that has been caused “mainly due to trade conflicts”. In particular the firm cited autos and agriculture exports from the U.S. which have been hit by Chinese tariffs. U.S. exports to China in autos and agriculture fell 35.6% and 10.1% respectively year over year in the three months to May 31. It’s been a two-way street. The chemicals industry has also seen a downturn, with U.S. imports of chemicals targeted for tariffs having fallen 30.2% year over year. That decline has ...