Asian factories slow as China-U.S trade conflict intensifies

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Manufacturing activities across Asia slowed in July, deepening concerns about the region’s economic outlook as an intensifying trade conflict between the United States and China sent shudders through their trading partners.

A survey of purchasing managers released on Wednesday showed China’s manufacturing sector grew at its slowest pace in eight months in July, with new export orders suffering the worst slump since mid-2016.

Meanwhile, the shipping container market, in which the vast majority of finished manufacturing goods are imported and exported, shows a similar picture as the Harpex container index fell by 10 percent from its highest levels since 2011

Last month, China and the United States slapped tit-for-tat tariffs on $34 billion of each other’s goods and another round of tariffs on $16 billion is expected this August.

Peace PIAK