China's factory output increases amid trade tensions
- Asian Market
- 1 week ago
Chinese factory activity has increased just a notch in the month of May, in a sign that Beijing is showing defiance in tis trade war with Washington.
The Caixin-Markit China manufacturing purchasing managers’ index came in at 50.2 which is identical to the previous months and ahead of the forecasted mark of 50 and indicating an increase in activity for the third month in a row.
All of the aforementioned comes amid what may saw as a turbulent month, as U.S. President Donald Trump pushed ahead with increased tariffs on $250 billion worth of Chinese exports.
Additionally, Chinese tech giant Huawei was also blacklisted by the Department of Commerce to restricting its access to essential US components and technologies.
China swiftly responded by increasing tariffs on about $60 billion worth of U.S. imports which came into effect over the weekend, and announced it would establish its own blacklist of foreign companies that harm the interests of Chinese groups.
Source: Smart Trend Team