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Chinese manufacturing sector is suffering the brunt of tariffs imposed by Washington significantly. The latest reading indicates that China’s manufacturing activity fell more than expected to a near two-year low, sliding into contractionary territory in April as the escalating trade war with the U.S. hurts bilateral trade.
The official purchasing managers’ index came in at 49.0 in April, according to data from the National Bureau of Statistics on Wednesday, falling below the 50-level threshold, which determines expansion from contraction, for the first time since January.
The statistics bureau’s PMI for non-manufacturing activity, which covers services and construction, fell modestly to 50.4 in April from 50.8 in the prior month.
Trade flows between the two countries have been “severely disrupted” following the tit-for-tat tariff hikes. The number of cargo-carrying container ships departing from China to the U.S. falls sharply in recent weeks, resulting in a year-on-year contraction.
Nomura estimates that around 2.2% of China’s gross domestic product will be directly impacted by the 145% U.S. tariffs, and around 9 million jobs in China’s manufacturing sector are directly exposed to Trump’s tariffs.
In an economic policy setting meeting last week, Chinese authorities pledged to support businesses and workers most suffered by the impact of the massive U.S. tariffs. To be honest, it is pretty urgent to implement more active fiscal policies and monetary policies to prop up the economy. China should support the economy proactively rather than reactively. Who has the upper hand, who will win the trade war.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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