Global trade volumes increased by 7.6% sequentially in June according to CPB, leading the year over year change to drop to 10.0% after a 17.9% slide in May. A relaxation of industrial lockdowns linked to COVID-19 were a major driver, though exports from Japan and the U.S. remained weak. The turnaround likely continued in July on the basis of macroeconomic data for 15 countries that have already been reported. The average decline of 0.9% year over year among the 15 has been buoyed up by China’s 7.2% surge. U.S. seaborne imports in the first half of August have also broken back into growth...