U.S. international trade activity fell 2.0% year over year in April. That was largely the result of a 3.6% drop in exports, the worst (and only second) decline since Jul. 2016 and therefore the largest decline under the Trump administration. The U.S. also joins 14 of the 20 countries that have reported April trade data that have shown a drop in exports, extending a trend of slowing growth since 3Q 2018. While U.S. imports fell too, the trade-in-goods deficit rose to $72.1 billion, the highest for the month of April since 2008. The downturn in exports was broad-based and included a 3.3...