In May, risks of a trade shock sharply rose following US President Donald Trump's increasingly aggressive rhetoric towards China.
Fears of a full-blown trade war and slowing economic growth appear at odds with the progress being made by companies around the world.
'Markets will need to get used to this'
Equity markets are being driven by the fact that bond yields have collapsed.
Fed actions 'murder' bull market
Trade, inflation, slow growth and yield curve to blame
Brexit and US-China tensions still to deal with
Experts fear 'tit-for-tat tariffs' could spark financial slump