4 See, for example, Financial Stability Board (2020), The Implications of Climate Change for Financial Stability, (Basel: FSB, November 23), https://www.fsb.org/wp-content/uploads/P231120.pdf; and ClimateRelated Market Risk Subcommittee, Market Risk Advisory Committee, U.S. Commodity Futures Trading Commission (2020), Managing Climate Risk in the U.S. Financial System (Washington: CFTC, September 9), https://www.cftc.gov/sites/default/files/2020-09/9-920%20Report%20of%20the%20Subcommittee%20on%20Climate-Related%20Market%20Risk%20%20Managing%20Climate%20Risk%20in%20the%20U.S.%20Financial%20System%20for%20posting.pdf.
International trade provided considerable support for the U.S. economy over the first half of the year. Economic activity has been buoyed by strong foreign demand for a wide range of U.S. exports, including agricultural products, capital goods, and industrial supplies, even as imports declined.