Germany’s trade took a step back in April with exports falling by 3%, even though they were better than economists had expected. That was the first decline since October, and lagged a 6% recovery in imports. Export managers anticipate a recovery, with orderbook expectations at their highest since January 2014. The narrower trade surplus, which was the lowest since March 2016 on a trailing 12 month basis, may help relations with the U.S. The surplus specifically vs. the U.S. is now 16% below its peak and may help improve the tone of future talks after President Donald Trump accused German...