The downturn in global trade resulting from the COVID-19 pandemic may have reached its worst, for now, in May. Global exports dropped by 18.5% year over year in May according to CPB World Monitor data, led by a 30.6% drop in shipments from the U.S. The fastest deterioration was in exports from Africa and the Middle East which dropped by 14.3% in June after a 2.1% improvement in April. Evidence for June and July suggests there has been a stabilization, though there it should be noted there were two more working days in June 2020 than June 2019. U.S. seaborne imports fell by 6.5% in the...