China’s international trade growth returned in January after 4.1% year over year growth thanks to a 9.1% export expansion reversed December’s 4.4% decline. It’s not all good news though as the recovery in exports is partly due to the earlier lunar new year this year. Furthermore imports fell for a second month, including a 7.6% drop in semiconductors and a 9.1% drop in iron ore. Trade with the U.S. also contracted further with exports down 2.8% and imports having slumped 41.1%. A record high for the 12-month trailing total trade surplus with the U.S. won’t help the mood at talks betwe...