U.S. import prices excluding food and fuel fell by 0.8% year over year in January, the 13th straight decline. Imports from China fell by 1.7% with the resulting average import price index having reached its lowest since May 2007. With most tariffs set to remain in place under the phase 1 trade deal between the U.S. and China the process of burden sharing – lower import prices as exporters absorb part of their buyers’ tariff costs – is continuing. Machinery import prices from China were unchanged, ending a period of inflation, while furniture prices fell 2.3%. Prices in the apparel sector...