International trade activity in the U.S. fell for a 10th straight month in June with a 21.9% year over year slide. While a decline in the import of goods was the main driver in dollar terms there was also a 27.9% slump in services. A downturn in travel and transport services isn’t a surprise given the strictures brought by COVID-19, though it’s also notable that a 6.9% increase in telecoms and IT services exports was the slowest rate of growth in over a year. The merchandise trade deficit is the Trump administration’s key metric for trade policy – lower is seen...