U.S. international trade activity increased by 11.1% in June 2021 versus June 2019, held back somewhat by automotive exports and imports which fell by 14.3% and 11.8% respectively. The automotive downturn is likely linked to the ongoing shortage of semiconductors. The disruption may take some time to unwind, with Volkswagen indicating it expects “chip supply to gradually improve from the third quarter onwards”. Ford’s is more circumspect and the firm has altered its supply chain strategy. The firm’s CEO, Jim Farley, has stated that Ford is now “engaging directly with the fab[ricators] of...