The U.S.-Chinese cease-fire left exporters with crippling tariffs, worsening a slowdown for light-industry factories caused by China’s shift to advanced manufacturing.

Trump started hiking tariffs on Chinese goods shortly after his return to the White House. China ultimately responded with tariffs of its own. Tensions escalated, with tariff rates hitting the triple digits, before a trade truce in May.

Investors hoping for a flurry of trade deals before the Aug. 1 deadline may be underwhelmed at the minute. Talks with China ended in Stockholm yesterday, while a deal with India has yet to be announced. Meanwhile, a clutch of well-known German companies have put figures on how much taxes on imports to the U.S. are costing them.