U.S. business sentiment towards trade remains deeply negative in the wake of COVID-19. The latest ISM survey shows export order expectations reached 39.5, where a figure below 50 indicates a contraction, though that was slightly better than last month’s 35.3 reading. Import expectations actually worsened to 41.3 from 42.7 despite the reopening of economies under COVID-19. That confirms the risk of disruptions caused by uneven market reopenings. Indeed, one respondent in the metals industry noted the “ramp-up will still depend on the speed of automotive start-ups”. The downturn in U.S. im...