Tariffs and trade wars are not just rhetoric anymore as commodity prices are increasingly impacted and investment is deterred, potentially lowering supply for years to come, according to Bloomberg. In Q3|2018 commodities, including industrial metals and U.S. soybeans, have taken a shellacking as tariffs have increased, disrupting the flow of goods between world economies. By late October 2018, the London Metals Exchange Index of 6 metals had dropped more that 13% in 2018 as investors ramp down metal purchases faced, with an uncertain outlook. Less trade slows global GDP growth. Lower GDP growth can be a key trigger for the next recession. Tariffs matter greatly in the months and years to come.