Mexican trade growth slowed in June with a 7% increase on a year earlier vs. 11% in May making for the slowest rate of expansion since October 2017. Import growth of 8% outpaced exports’ 6% despite a surge in shipments of completed vehicles. From a NAFTA perspective one concern is that imports from the U.S. fell by 1%, the first drop in 13 months due to a 5% slump in imports of auto-parts. That in turn resulted in a trade surplus vs. the U.S. of $7.1 billion, bringing the 12 month total to a record $72.6 billion. A rising surplus won’t help with NAFTA negotiations that are restarting aft...