The freight forwarding operations of UPS and K+N have both been held back by the impact of the U.S.-China trade war in 3Q. UPS saw revenue growth of 5.0% year over year, driven almost entirely by domestic operations. International operations saw “export volume growth on intra-European trade lanes and virtually all Asia trade lanes except Asia-U.S.” Similarly K+N’s revenues fell 1.1% due to a slump in airfreight volumes. CEO Detlef Trefzger noted “the trade lanes where we see relative better volume growth is U.S., North America to Europe, and exports from Europe...