U.S. international trade activity contracted for a fifth straight month in January with a 0.8% year over year decline. That’s been led by a 3.6% slide in imports while the main positive was a 5.1% rise in services exports resulting from a 12.6% surge in telecoms and technology services. The resulting trade in goods deficit fell to $67.0 billion including a 24.4% slump in the deficit versus China to $26.1 billion. The latter was the lowest for the month of January since 2012 as a result of a 20.0% slide in imports, suggesting the Trump administration’s tariff led pressure h...