Business sentiment towards trade faded in the U.S. in May. There was a drop in export expectations to the lowest since February 2017 after a third straight decline. While still positive overall (55.6 compares to a “neutral” outlook of 50) it would suggest concerns about other countries’ retaliation against the Trump administration’s metals duties are rising. The survey was held before last week’s removal of exemptions to section 232 tariffs for the EU, Canada and Mexico. Import expectations are also still positive but faded to 54.1 from 57.8. A 6% rise in seaborne shipments in May on a y...