U.S. trade price deflation gathered pace in May with import prices excluding food and agriculture having fallen by 1.5% year over year. That was the fastest rate since May 2016 and included a 1.5% drop in import prices from China versus 1.2% a month earlier. The deflation in Chinese imports is likely down to exporters offsetting some of the tariff increases faced by their customers. The dollar value of the price deflation from China was $548 million, compared to a $1.96 billion year over year increase in total U.S. customs duty revenue. That’s equivalent to as much as 28% of the...