China’s trade activity grew 7% in April in yuan-terms, marking a return to growth after March’s 3% decline. That was stronger than expected, including a 13% rise in exports compared to economists’ 3% expectations. A 15% surge in steel and 16% in aluminum exports partly explain the performance, and indicate how little effect U.S. section 232 metals duties have had. The bigger challenge is the wider relationship with the U.S., which has steadily deteriorated over the past three months despite talks held last week. Negotiations – which for America are all about China’s trade surplu...