Global trade activity likely reached a record high in July after a 4% increase on a year earlier. A surge in imports into the U.S. (5% higher vs. 4% in June) and emerging Asia (13% from 6%) were the main drivers. That’s not a surprise given the widening trade war between the two and importers’ desire to beat tariffs. With an increase in product coverage to $360 billion in bilateral trade in September from $68 billion in July it’s likely global trade growth continued to be robust in August. That’s supported by evidence from early reporters including China, South Korea and Japan with globa...