Geopolitical volatility adds another layer of uncertainty to an industry in the midst of a radical overhaul as the end of combustion-engine era looms.

Sugar prices have slumped to the lowest in 11 months, defying forecasts for a shift in the global market to a deficit from a surplus.

“The tweet is mightier than the tariff,” Bloomberg economists wrote in their report.

Some recognize that U.S.-Chinese tensions won’t fade soon, while others are just tired of the uncertainty.