China’s international trade activity fell 6.2% year over year in August, including a worse-than-expected drop in exports of 1.0%. The deterioration in exports from 3.3% growth in July may reflect lower stockpiling of products about to face new tariffs. Overall Chinese exports to the U.S. fell by 16.0% in August while imports from the U.S. slumped 22.4%. While that may suggest China is “winning” the trade war, the dollar value of China’s net exports fell $4.1 billion, making a continuation of tariffs by the Trump administration more likely despite forthcoming trade negotiations. At the...