The latest ISM survey of American managers shows the proportion of firms seeing rising export orders reached its highest since May 2014. This was the second rise since the U.S. elections and came despite the likelihood of more protectionist trade policies. Import orders were unchanged, though total manufacturing was better than economists expected. A similar effect was seen in U.K. manager surveys following the Brexit vote in June. However, that has since dissipated as companies balance short-term risks against longer term opportunities.