Factory activity shrank in most Asian countries in June as the simmering U.S.-Ch...
TOKYO - Factory activity shrank in most Asian countries in June as the simmering U.S.-China trade conflict put further strains on the region’s manufacturing sector, keeping policymakers under pressure to deploy stronger steps to avert a global recession.
The United States and China agreed at the summit to restart trade talks after President Donald Trump offered concessions including no new tariffs and an easing of restrictions on tech company Huawei, providing some relief to businesses and financial markets. “Global manufacturing activity hasn’t hit bottom yet. U.S. business confidence, particularly that of manufacturers, has been weakening and if this continues, it may hurt economies across the world.”
Japan also saw manufacturing activity contract in June to hit a three-month low, offering fresh evidence of an economy under the pump as global demand weakens. Activity fell in Malaysia and Taiwan, a sign the U.S.-China trade conflict’s impact on the rest of Asia was broadening. International Monetary Fund Managing Director Christine Lagarde welcomed the resumption of trade talks between the two countries, but warned that more needs to be done to resuscitate a global economy that had already hit a “rough patch.”
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