The pressure from tariffs on U.S. exporters eased slightly in May with a 24.5% sequential increase in exports to China for tariff-afflicted products. That was driven by a 5.0x rise in crude oil exports, a 1.5x rise in medical device components and a 1.7x rise in soybean shipments. Yet, that hasn’t prevented a 13.9% year over year drop in exports in May as a result of the tariffs’ original imposition. Chinese exporters to the U.S. saw a similar phenomenon. There was a 13.2% sequential increase in “list 3” products – where duties were applied in September at 10% – as shippers sought to bea...