The U.S. advance trade-in-goods deficit fell by 1% in May vs. a year earlier, the first drop since September 2016. That’s an important way-marker given President Trump’s trade policy is centered on cutting the deficit. A 13% surge in exports was to thank and was the fastest rate of expansion in six-and-a-half years. All major sectors saw an export expansion including food / beverages (17% from 4% last month) and capital goods (11% from 6%). The big challenge for further export growth comes from retaliatory duties which may begin to bite in July with both EU and Chinese sanctions due to b...