South Korea’s trade expansion entered a 22nd straight month with a 9% rise in August. Export growth of 9% represented a second month of expansion and included a 21% rise in shipments to China. That suggests the U.S.-China trade war has yet to spillover into Asian supply chains. The telecoms industry was a laggard with a 15% decline in exports of phones. U.S. trade actions have yet to bite South Korea with steel exports actually up by 21% while the autos industry experienced a 1% increase in vehicle exports vs. an 8% decline in the prior three months. The trade surplus with the U.S. of...