China’s international trade activity fell 3.4% year over year in May. The drop was largely the result of an 8.5% slump in imports, which bodes ill for China’s trade partners, while export growth of 1.1% was slightly better than expected. The latter may be due to exporters to the U.S. racing to beat new tariffs, though exports to the U.S. nonetheless still fell 4.2% year over year. Imports from the U.S. continued their precipitous drop with a 26.8% slump. That meant the trade surplus – the Trump administration’s measure of “unfair” trade – rose 9.4% to $26.9 billion. China may extend its ...