European business sentiment towards trade has worsened in the past two months. The French INSEE survey of export expectations turned negative in May for the first time since August while in June it is only neutral. The IFO index in Germany is still positive a net 12.6% of managers expecting an export expansion but that was the lowest since December 2016. A collapse in sentiment among German automakers is to blame, which is unsurprising given America’s ongoing section 232 review of the automotive industry. A halt in export growth from Germany to the U.S. would follow an 11% surge on a yea...