China’s trade activity continued its slow decline in November with exports and imports combined having fallen by 0.5% year over year, the seventh straight decline. The bad news is that exports continued to fall with a 1.1% drop led by a 23.0% slump in the dollar value of exports to the U.S. The latter shouldn’t be surprised given U.S. tariffs cover 68.1% of China’s exports from 48.0% a year earlier. Additionally, November 2018’s comparator including a pre-tariff increase rush of shipments. The good news is that China’s global imports increased by 0.3% co...