China manufacturing activity plummets amid Trump tariff war

News Snapshot:

China’s factory activity slowed in April, with Beijing blaming “sharp changes” in the global economy as it fights a mounting trade war with the United States. Punishing US tariffs that reached 145% on many Chinese products came into force in April, and Beijing responded with 125% duties on imports from the US. Chinese exports soared more than 12% last month as businesses rushed to get ahead of the punishing tariffs. The impact of the measures began to show in official data on Wednesday, with the Purchasing Managers’ Index (PMI) – a key measure of industrial output – falling to 49.0...