Chinese trade activity surged in June with exports up by 11% (vs. 9% expected by economists) due to exporters anticipating the 25% duties applied by America to $34 billion of products. Import activity also remained robust with a 14% rise suggesting the knock-on effect to Asian supply chains more broadly has yet to make itself felt. The Chinese government’s detailed critique of U.S. plans to increase duties to $250 billion of products doesn’t include plans on how to retaliate, though that could include direct cuts to imports by state-owned enterprises. In the meantime exports to the U....