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5h ago

Asian Manufacturing Under Pressure as U.S. Tariff Pause Expires

The expiration of the U.S. tariff truce is prompting policymakers in Asia to seek fresh trade negotiations with Washington alongside central banks weighing targeted stimulus measures.

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A general view shows West Kowloon Cultural District and skyline buildings during sunset in Hong Kong, China October 28, 2022. REUTERS/Tyrone Siu/File Photo
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FILE - Shipping containers are seen ready for transport at the Guangzhou Port in the Nansha district in southern China's Guangdong province, April 17, 2025. (AP Photo/Ng Han Guan, File)

Overview

  • China’s official manufacturing PMI rose to 49.7 in June but remained below the 50-point growth threshold for a third consecutive month.
  • The Caixin/S&P Global PMI climbed to 50.4, indicating modest expansion among export-oriented Chinese firms despite official contraction.
  • South Korea’s industrial output fell 1.1% in May and facility investment dropped 4.7%, while retail sales held steady from April levels.
  • Japan’s factory output rose just 0.5% in May versus a 3.5% forecast as Tokyo races to secure exemptions from 25% auto tariffs and avert 24% reciprocal duties from July 9.
  • The Bank of Japan’s June tankan survey showed big manufacturers’ business confidence improved to +13, offering some support for the monetary policy outlook.