The eurozone economy experienced a stellar first quarter, driven by the US frontloading of European goods. But five months have passed since Trump’s 'Liberation Day', and eurozone exports are settling in at a slow pace at the moment. On a seasonally adjusted basis, nominal exports to the rest of the world fell by -0.1% in July compared to June, with imports falling slightly more at -0.8%. The trade balance ticked up from €3.7bn to €5.3bn, which remains well below levels seen in recent years. It therefore looks like weak net exports will dampen economic growth in the third quarter. Exports to the US were more or less ... (full story)