Global trade growth has started to slow. Total activity rose 3% in May vs. a 4% average in the prior four months. Exports from the U.S. (9% higher) and emerging Asia (5%) actually accelerated, potentially as shippers anticipated the effects of duties on $68 billion of bilateral trade between the U.S. and China from early July. The scope will likely increase by a further $232 billion in the coming months. Japan and Europe have seen a slowdown consistent with business sentiment and may see more of the same given America’s national security review of the automotive industry and the knock-on...