American business sentiment towards international trade remains positive but is waning. The latest ISM reading shows import expectations at 53.9% (over 50% indicates an expansion) which was the lowest since September and contrasted with the highest manufacturing expectation for at least five years. That would suggest the Trump administration’s policies are working. Yet many businesses are seeing rising costs from tariffs while export order expectations are also in decline due to worries about retaliatory duties. The likely widening of duties against China – where expectations are now neg...