U.S. merchandise trade climbed 1.8% higher year over year in December, the second month of improvement. Yet, there was a marked split in performance between exports and imports. Exports fell for a 12th month with a 2.6% drop despite a 30.7% surge in exports of food and beverages. The latter was tied to the U.S.-China phase 1 trade deal, which the Biden administration looks set to continue with. Imports meanwhile grew at a slower rate of 4.7% due to a drop in industrial supplies, including the continued impact of lower oil prices. The automotive industry meanwhile saw exports return to gr...