The trade war between the U.S. and China continued to distort trade flows in December. U.S. imports of products that faced the risk of an increase in duties to 25% from 10% as of January – which has since been postponed twice – surged 22.0% higher year over year in December. The largest increases in absolute terms included air conditioners, PVC flooring and furniture. By contrast there was by a continued drop in products that had 25% duties applied in July and August such that total U.S. imports of tariff-afflicted products fell 12.1%. China’s retaliatory tariffs meanwhile led to a 42...