The tariff-led policies of the Trump administration have yet to have an impact on American businesses’ trade activity. The ISM survey of export order expectations rose to 56.3 from 55.6 a month earlier while the import outlook also improved. Yet, much of the commentary cited a “lack of predictability” for planning purposes. Furthermore the bulk of duties aren’t scheduled to take effect from early July with retaliatory duties from China, Canada, Mexico the EU and others. Additionally the improved sentiment in the U.S. contrasts with a steady decline in China (now contractionary) and Germa...