"Production cutbacks have remained in place in the third quarter and this has helped to further reduce inventory levels worldwide."

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Yes, we're in a protectionist era because when you have lack of domestic growth, everybody tries to unload the problem on foreigners with protectionism, devaluations, cutbacks on imports. But is there going to be a dramatic change? TPP is dead anyway, and similar deals in the eurozone are going nowhere.

— Gary Shilling