U.S. international trade activity fell by 0.3% year over year in April, making the first decline since Aug. 2016 as a result of a 2.4% drop in goods exports. The resulting goods-and-services trade deficit rose 5.0% to $50.8 billion, marking a worsening of the Trump administration’s key trade metric. The deficit versus China fell year over year, suggesting tariffs are having their desired effect. A third straight drop in exports to Mexico and a 7.8% increase in imports won’t do anything to divert the administration from its proposed tariffs on Mexican exports. The stand-out...