China’s international trade activity dropped 4.0% year over year in June, including a 1.3% drop in exports and 7.3% slide in imports. Trade with the U.S. collapsed with a 7.8% slump in exports to the U.S. extending a 5.0% drop in the prior three months. Yet, a 31.4% collapse in imports from the U.S. meant that the trade surplus jumped to $29.9 billion, the highest since November. That will likely increase tensions between the two countries, increasing the probability of a breakdown in talks and sudden resumption of tariff increases. Another concern is that imports from the rest ...