The U.S. trade deficit surged 10% higher in October to reach $68.3 billion. That was 5% higher than expected, was the 13th straight rise and marked a fifth month of accelerating expansion. Import growth of 7% was driven by all modes of transport as well as higher prices, but shouldn’t be a surprise given exports from Mexico rose 13%. The U.S. export side was a disappointment. While exports grew for a 12th straight month by 5%, that was entirely accounted for by the energy sector. The capital goods segment actually contracted. The Trump administration’s trade policy is focussed on cutting...