Global trade grew for a 26th straight month in March, though the 2% expansion was the slowest since October 2016. That was mostly due to a 2% drop in exports from emerging Asia. While it is tempting to see this as the first sign of a protectionist-driven slowdown the early data for April is more encouraging. U.S. exports by sea have grown 11% which China experienced a 13% surge in exports. With the putative trade war between the two on hold and business sentiment towards exports globally in positive (if softening) territory another month of growth – albeit fragile – should...