China’s trade growth continued unabated in July and actually accelerated to 13% on a year earlier vs. 6% in June in yuan terms. The 21% rebound in exports (dollar terms) was down to energy pricing while the acceleration in export growth to 6% – the fastest non-seasonal expansion since December – was broad-based. Increased shipments of PC components (7% vs. 1% a month earlier), semiconductors (20%) and capital goods (12%) in part reflected continued flows to the U.S. to beat the Trump administration’s widening tariff net. While $34 billion of products became eligible for 25% duties on Jul...