China’s trade activity grew by just 0.6% year over year in April after an unexpected 2.3% drop in exports. The latter shouldn’t be a surprise given worsening business sentiment towards trade in both China and the U.S. The slip in China’s exports increases the likelihood of a pan-Asia trade slowdown – Asia ex-China exports fell 3.3% year over year in March. The performance of China’s trade with the U.S. in April will likely add to the hawkish stance being taken by the Trump administration, which has threatened an increase in tariffs from May 10. China̵...