Chinese trade activity took a 3% step backwards in March vs. a year earlier, in part due to an unexpected lunar new year-linked 10% slump in exports in local currency terms. The outlook should be robust on a fundamental basis according to recent manager surveys. U.S. metals tariffs will apply from April, with more extensive tariffs only (potentially) coming into place from May at the earliest. “Panic exporting” to the U.S. wasn’t apparent in March, with a 6% drop in dollar terms being worse than the Chinese average. For the first quarter China’s exports to the U.S. grew 14%, out...