U.S. businesses’ export expectations improved in May, according to the latest ISM survey, with a reading of 51.0% – over 50% indicates expansion – from 49.5% a month earlier. Yet, eight industries expect exports to decline versus five expanding. Furthermore import expectations fell to their lowest since Jan. 2017 at 49.3%, suggesting the impact of widening tariffs on Chinese exports is being felt. The survey was also completed before the latest round of tariff threats against Mexico by the Trump administration. The worsening U.S. import outlook comes alongside declin...