The latest ISM survey of American managers showed the export expectations index dropped to 57.5 from 59.5. While that is still in firmly positive territory, it is the first significant downshift since the elections. A similar pattern occurred with import expectations, and followed a 5% growth in exports and 9% in imports in April. That may suggest the highs in trade activity may be passing. The step back was also echoed in French data, though German and British managers are still becoming more optimistic. The results from China are the most concerning though – the outlook for imports is ...