Supply Chain Research

Japan’s trade growth reached 7% in April, the 17th straight increase, as the result of an 8% improvement in exports. That was an acceleration from the prior two months’ 2% expansion and came despite a rise of just 1% in iron/steel and 0.3% in car parts. The latter likely reflects increased demand for finished vehicles (up 16%). The former is notable given April was the first month that U.S. duties on steel and aluminum took effect. Trade with the U.S. more broadly may worsen once the Japanese government implements its threatened retaliatory tariffs against America’s section 232 metals du...