China’s international trade activity slumped 13.8% year over year in February, led by a 20.7% drop in exports that was well ahead of economists’ expectations. While it is tempting to blame the 10 day earlier lunar new year – indeed only a 1Q average can show the true picture – that decline is consistent with the pattern seen in South Korea. Importantly for the tenor of trade negotiations with the U.S., which appear coming to a close, China’s U.S.-bound exports fell more than its imports for the first time since the tariff battle began in July. In turn that can be interpreted as a year ov...