Global trade activity climbed by 4% in April making for the 27th straight improvement and a rebound from 2% in March. Emerging Asia was the main driver (4% growth vs. a 3% decline) with more of the same likely to have occured in May. The growth in exports from China, India, Japan and South Korea all accelerated. The main risk factor is the China-U.S. tariff battle though the majority of duties aren’t scheduled to take effect until early July. In the meantime U.S. seaborne imports and exports likely grew 7% in May on a year earlier on the basis of preliminary port data.