July was marked by several troubling economic signals.

In Canada, the unemployment rate remains high, around 7%, a sign of worrying economic fragility. The White House’s protectionist policies are starting to have negative effects on the U.S. economy, with the real estate sector, for instance, showing signs of slowing.

The trade agreement between the European Union and the United States has sparked strong reactions, particularly in France. Inflation is rising again in the United Kingdom.

And some analysts expect China to face a “difficult” second half of the year, despite the trade truce agreed with the United States.