Trade relative to GDP has held up better, though, in the United States and Latin America. Is the trade slowdown just another manifestation of slow growth, or is it an independent concern? That depends on the reasons for the slowdown.
Both regions, taken as aggregates, have had broadly balanced current accounts and maintained flexible exchange rate regimes. But still, neither region would be immune to the spill over effects from a possible disorderly adjustment. And they would not be immune to the changes in relative prices which go together with an orderly adjustment, either.