U.S. trade activity continued to decline in July with goods and services combined contracting by 15.3% year over year, an 11th straight decline. With exports down by 20.1% and imports having declined by 11.4% the trade deficit surged to $63.6 billion, its highest since June 2008. Cutting the deficit has been a key policy objective for the Trump administration. While COVID-19 has clearly played a part, it is clear that a shortfall in purchase commitments made by China under the two countries’ phase 1 trade deal have also not helped. Chinese purchases of the 548 products covered b...