Business sentiment towards global trade took a turn for the worse in April, likely reflecting deteriorating relations between the U.S. and China. The ISM survey showed American export sentiment fell for a second month from the highest since April 2011. Similarly, the CFLP survey in China shows a return of concerns first seen in February. Yet, both surveys remain in firmly positive territory, with a net 8% of American managers still seeing expanding export orders. A second front in the Trump administration’s “trade war” may be emerging as a result of the section 232 duties. German and ...