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The impact of slowing emerging market growth is being felt on commodity prices, particularly metals. The first section of this special feature disc usses likely first-round impacts of these declines on trade balances and the short run cha llenges from a more balanced and sustainable growth path in China for metal and energy exporters. It concludes with the price outlook and risk s. The second section studies th e impacts of the U.S. energy boom. Although the boom has disrupt ed relationships between so me energy prices, impacts on U.S. output and the current account will be modest.