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      "text": "Limited Effects of Trade Conflict. Should the U.S.-China trade conflict persist or deepen, economic growth may suffer and have a negative impact on I&L markets. Nevertheless, I&L market fundamentals remain extremely strong, and trade with China—while important—is not the only demand driver. If trade tensions continue, two factors must be watched: consumer spending, which has a direct impact on industrial market dynamics, and supply chain restructuring, whereby import sourcing shifts largely from China to other countries like Vietnam, Malaysia and India. Uncertainty will drive growth in the 3PL segment of the industrial market as companies outsource operations. This will translate into more 3PL leasing activity—a trend that is already underway",
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