U.S. trade price deflation continued for a third month in July with import prices falling 1.8% year over year and exports by 0.9%. At the regional level that was led by imports from Asia with import prices from ASEAN down 2.0% while prices for imports from China fell by 1.6%. The latter can be linked to Chinese exporters absorbing a proportion of the increase in tariffs applied under the section 301 program. Imports of chemicals – where 25% duties have been applied in stages since July 2018 – saw price deflation of 11.8%. For furniture, where tariffs were increased to 25% ...