European business sentiment towards trade has taken a marked hit from the coronavirus outbreak. The IFO business survey for exports dropped to -19.8 in the latest survey (zero means a neutral outlook for orders) compared to -1.1 a month earlier. That marked the lowest level since May 2009 and the fastest drop since at least 1991. Aside from lockdowns across Europe there will also be a drag from European Commission rules on exporting medical supplies. Indeed, U.S. seaborne imports from Europe already fell in the first two weeks of March with a 6.5% dip in shipments from Germany after a 2....