The United States’ trade-in-goods activity fell 4.0% year over year in December, marking a seventh straight decline. The drop in imports accelerated to 6.3% from 5.6% in November. That was partly skewed by stockpiling ahead of tariff increases a year earlier shown by seaborne imports from China which fell by 18.1% in December compared to a year earlier. The resulting trade deficit for 2019 fell to $847.8 billion. While that was 3.4% lower than a year earlier it was still 15.0% above the level of 2016 – President Trump’s war on “unfair” trade has further to go. Exports also fell, but at a...