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Chinese data suggests some damage from trade war

AP | Updated June 04, 2019     0

Employees working on a micro motor production line at a factory in Huaibei in China’s eastern Anhui province.

BEIJING: A report Monday on Chinese manufacturing

suggested that Beijing’s trade war with the Trump
administration is causing economic damage.

Surveys of manufacturers across the region for May showed that

business confidence has been shaken by the conflict over President
Donald Trump’s demands that Beijing change its industrial planning
strategy and find other ways to redress its perennially huge trade
surpluses.

A private survey, the Caixin manufacturing purchasing managers’ index,

or PMI, for China held steady at 50.2 in May, just above the 50 level that
distinguishes between expansion and contraction. But business
confidence slipped to its lowest level since the series began in April
2012. The official manufacturing PMI, issued Friday, sank to one of the
lowest levels in three years.

China showed no signs of budging over the Trump administration’s

demands. It issued a report over the weekend saying it would not back
down on “major issues of principle.” It said Beijing had kept its word
through 11 rounds of trade negotiations and accused Washington of
backtracking by introducing new tariffs and other conditions beyond
what had been agreed to.

Most of Trump’s ire over trade has been directed at China, given its lion-
sized importance to global manufacturing and its growing technological
prowess. But last week the president heaped more uncertainty on global
financial markets and investors by saying he would impose 5 per cent
tariffs on Mexican imports starting June 10 if the Mexicans don’t stop
the surge of Central American migrants across the southern US border.

That would be a blow to some manufacturers that use Mexico as

production bases, such as automakers.

Meanwhile, the world’s largest association of technology professionals

backed away from barring employees of Chinese tech giant Huawei
Technologies from some of its activities.

Published in Dawn, June 4th, 2019

    0

Read more

US, China hold new

round of tariff war
negotiations

China must stop IMF warns US-China

eroding neighbours' trade war will
sovereignty: US ‘jeopardise’ global
growth

On DawnNews

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