The outlook for global trade among European businesses took a step backwards in the March surveys. German managers’ outlook showed a net 13% are still positive, but that’s a fourth straight decline from a peak of 21% in November. A similar trend was seen in France, though British managers’ outlook is unchanged. While all three are still well above the long-term trend, cracks may be appearing as long-feared protectionist measures arise. The situation is fluid – while the EU has an initial exemption from American steel and aluminum tariffs, it has launched its own metals investiga...