U.S. trade price inflation continued for a 21st straight month in July with a 5% rise in imports and 4% in exports. While import inflation was driven by energy and food it was nonetheless the fastest rate of inflation since February 2012. The imposition of a widening range of tariffs on imports ranging from washing machines to wide swathes of Chinese exports and the automotive industry will likely lead to continued inflation. When added to a 6% rise in seaborne imports it’s likely overall imports in July surged again, potentially resulting in another rise in the trade deficit th...