Global trade is still expanding, but at a slowing rate in July. Our proprietary analysis of ports in nine countries shows containerized freight handling rose by 5% on a year earlier. That was inline with the 2Q average and led to a record 31.8 million TEUs as a result of rapid growth in China (7%) and Mexico (14%). Both face regulatory risks vis-a-vis the U.S. (5% higher) however. Airfreight by contrast slowed to just 2% in part due to maintenance issues but also as a result of slowing demand after 2Q growth of 7%. Seafreight has therefore outperformed airfreight for a seventh straigh...