Export growth rebounded last month, with both export values and volumes posting double-digit y/y gains. We expect shipments to remain strong in the coming months, as US importers continue to stockpile Chinese goods ahead of tariff hikes. But exports are likely to weaken later this year as President Trump puts his tariff threats into action. Import volumes also rebounded last month, and they will probably recover further in the short run as faster fiscal spending drives demand for industrial commodities.
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