European manufacturing stabilizes, Asian production drops as U.S. tariffs hit

News Snapshot:

Open this photo in gallery: Workers at a Nissan plant north of Tokyo in 2023. Japan and South Korea saw manufacturing activity contract in May as U.S. auto tariffs clouded the outlook for exports.RICHARD A. BROOKS/AFP/Getty Images European manufacturing took another step towards stabilization in May but Asian factory activity shrank as soft demand in China and U.S. tariffs took a heavy toll, surveys showed, highlighting the darkening outlook for the once fast-growing region. U.S. President Donald Trump’s flip-flopping on trade tariffs has left firms unsure about where the charges will settle. Still, production increased for a third consecutive month...