U.S. trade activity in goods and services climbed 1.7% year over year in April, representing the 31st straight expansion. Import growth outpaced exports across both goods and services, with the result that the U.S. trade deficit climbed 5.4% to reach $50.0 billion. The data provides support for three areas of Trump administration policy. An expanding automotive sector deficit – already evident from previous advance data – supports potential section 232 “national security” tariffs. The lowest trade deficit versus China since Mar. 2014, at $20.7 billion, supports...