Mexican automotive exports climbed 5.6% year over year in May, representing an acceleration from 2.3% in the prior three months. The impact of a tariff-avoiding rush due to President Trump’s now-lapsed threats won’t be seen – if at all – until June. Growth in May was led by a 34.1% surge in shipments by Volkswagen, up from 14.8% in the prior three months. VW’s expansion in turn has been driven by increased exports to the U.S. – which climbed 49.1% year over year in April – while its shipments to the rest of the world have declined. That suggests a return of U.S. tariff threats could have...