U.S. international trade activity dropped 11.1% lower year over year in March on the back of a 9.3% slide in merchandise trade. Services meanwhile slumped 17.8% lower including a 14.8% drop in exports. Unsurprisingly the latter was due to a collapse in transport and travel resulting from COVID-19 lockdowns while there was also a small decline in financial services exports. The total U.S. trade deficit dropped to $44.4 billion from $52.7 billion a year earlier. The goods deficit with China dropped to its lowest since 2004 due to the dual effects of tariffs and COVID-19 linked disruptio...