China’s international trade activity recovered in March with a 3.1% increase in bilateral trade. That included a 14.2% surge in exports though that may partly reflect seasonality – 1Q19 overall rose by 1.4%, the worst quarter since 4Q16. At the same time imports have slumped 7.6%, potentially putting a cap on exports across Asia. Additionally imports from the U.S. continued to decline but exports actually increased by 3.7%. The latter may mean the U.S. “victory” in the trade war will prove short-lived, and comes as trade talks are meant to be wrapping up.