US firms say Trump trade war is hitting production as dollar nears three-year low

News Snapshot:

US manufacturers have warned that Donald Trump’s trade war is hitting production, pushing the dollar close to a three-year low against sterling on Monday. The greenback suffered a fresh sell-off, after the closely watched ISM survey of the manufacturing sector signalled a third monthly decline in output in a row. The ISM purchasing managers’ index fell to 48.5% in May – below 50 signals contraction. Comments from participants in the monthly poll underlined the damage being caused by the president’s on-off tariff policies. “Uncertainty due to the recent tariffs continues to weigh on profitability and service. An unresolved (trade deal...