With nearly two-fifths of companies having reported 1Q earnings it’s clear from management comments that trade policy is being mentioned less than in the prior quarter. In aggregate 21.5% of calls since Apr. 1 included a mention of tariffs or Brexit, down from 23.3% in three months to Mar. 31. There has been an increase in mentions, to 27.7% from 24.7%, in the materials industry. That may reflect concerns among U.S. metals producers about the removal of U.S. steel tariffs as part of the USMCA ratification process. Similarly mentions in electrical engineering conference calls have increas...