France and Germany saw similar trade patterns in June. Both saw a slowdown in exports – 5.3% from 7.0% for France and 5.7% from 8.7% in Germany – as well as growth from China oustripping that from the U.S. Similarly, exports from both countries to China and the U.S. will have slowed further in July. The data may add to the increasing friction between the EU and the U.S. As well as controversy over the recent U.S. sanctions against Russia, Germany’s trade surplus vs. the U.S. in the second quarter was 10% higher than its four year trough reached in March.