American business sentiment towards exports declined to its lowest since November 2016 in the most recent ISM survey. The reading of 52.2 (where over 50 indicates an expansion of orders) was below that of imports for a sixth straight month. It’s possible that the U.S. trade war with China is restricting export opportunities, particularly now that duties cover $110 billion of U.S. exports to China. An increase in bilateral duty rates in the new year – which will be a function of the forthcoming summit between President Donald Trump and President Xi Jinping – could lead to a...