U.S. imports have likely continued their descent in January, with U.S. seaborne, inbound shipping having fallen by 3.6% year over year. Shipments from China fell by 7.3%, a slower decline than the 17.0% slide seen in Q4. That reflects the drag from tariffs being offset by the seasonality effect of the earlier lunar new year. The impact from coronavirus-linked factory closures won’t be seen until late February given the time taken to cross the Pacific. Shipments from Europe have also continued to decline with a 7.3% slide in imports, potentially due to tariffs applied as part of an aerosp...