This paper uses U.S. loan-level credit register data and the 2018-2019 Trade War to test for the effects of … international trade uncertainty on domestic credit supply. We exploit cross-sectional heterogeneity in banks' ex-ante exposure to … extensive margins. We document two channels underlying the estimated credit supply effect: a wait-and-see channel by which …

, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. …