U.S. trade activity grew by 0.8% year over year in February, the slowest rate in 30 months and the result of a 1.0% drop in imports of goods. The latter was the first decline since Sept. 2016 and resulted in a year-over-year decline in the trade-in-goods deficit of $4.1 billion to reach $72.0 billion. The trade deficit with China fell by $4.5 billion, suggesting the Trump administration’s tariff pressure was working. Yet, preliminary data from the Chinese government for March would suggest the deficit increased once more in March. The trade deficit with the EU also declined, though that’...