It’s tempting to look at China’s imports of major commodities in July and conclude that the strength is a sign that the escalating trade dispute with the United States isn’t having much of an impact. While the first of the tit-for-tat tariffs came into effect in July, it will likely take several months before any real impact is discernable, and even then, separating out the effect of trade measures from other factors will be tricky. In the meantime, the commodity trade data can still provide insight to China’s economy, and it’s largely painting a picture of resilience. Imports of crude oil rose slightly in July to about 8.48 million barrels per day (bpd), up from June’s 8.36 million, according to customs […]