The U.S. trade in goods deficit climbed 9% in January vs. a year earlier to reach $74 billion. That was the highest since July 2008 and 4% above economists’ estimates. Import growth of 7% outpaced exports’ 6%, which is unsurprising given recent port performance. The expansion in imports was mostly down to industrial supplies ($5.4 billion out of the $6.2 billion increase in the deficit due to higher oil prices) though there was also a 10% surge in imports of capital goods. That likely reflects increased confidence after the corporate tax reform. Given President Trump’s focus on the defic...