U.S. merchandise trade activity fell by 19.8% year over year in June, representing the 15th straight decline. While better than the 27.4% drop in May it’s hardly emblematic of a recovery from COVID-19 with exports down by 23.9% and imports cut by 17.2% in June. The reduced rate of decline was in part due to the autos sector where exports fell by 38.4% in June compared to a 70.0% slump in May. Exports of food and beverages actually saw an accelerated rate of decline with a 10.3% slide in June. Support from Chinese purchasing of food resulting from the phase 1 trade deal can be se...