Consider the following news clip.

On Monday, German chemicals giant BASF warned of a slew of issues that took a toll on its second-quarter results, including slowing auto sales and North American farming woes. BASF released preliminary figures showing that earnings before interest, taxes, and other special items likely fell by nearly 50% in the second quarter. The concerns it raised are hardly unique to BASF. Many can be traced back to trade tensions.

Is this an example of systematic or firm specific risk? Briefly support your answer.