World import volume data through May show that emerging Asia’s year-on-year trade growth was double that of the United States.

European import growth was unchanged year-on-year. Japanese import growth has been volatile: the 3-month average of year-on-year import growth stood at 2% in May.

In related news, Standard Chartered Chief Executive Bill Winters was quoted as saying in a report on Tuesday that, despite the adverse effects the Trump administration’s trade war threatens to have globally, it will also have the unintended consequence of speeding up Asian integration.

“As emerging Asia develops, that is China’s backyard and China is actively cultivating that market for its finished goods. That economic integration is moving at full speed… and is largely unstoppable,” Winters said. “To the degree the US […] becomes a less reliable trading partner, that trend will only accelerate,” he added.

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