Mexico’s international trade activity climbed 3.2% year over year in May, including a 6.7% surge in exports compared to a 2.7% increase in the prior three months. Exports to the U.S. rose 8.5%, led by a 19.8% surge in shipments of automotive products. The resulting increase in the Mexican trade surplus with the U.S. to a record $88.5 billion on a trailing 12 month basis should not be a problem. The Mexican Senate has ratified the U.S.-Mexico-Canada Agreement while the Trump administration remains focused on its passage in the U.S. The main disappointment in the figures was a 6.9...