Overview

• China's official PMI dropped to 49 in April, signaling contraction in manufacturing activity, while the Caixin PMI for private firms fell to 50.4 from 51.2 in March.
• The US imposed tariffs of up to 145% on Chinese goods, prompting China to retaliate with 125% tariffs, export restrictions, and a halt on Boeing aircraft deliveries.
• China officially denied any ongoing trade negotiations with the US, countering claims made by President Trump.
• Beijing reaffirmed its 5% annual growth target and announced support measures for domestic firms impacted by US tariffs.
• China’s Ministry of Foreign Affairs released a propaganda video, “Never Kneel,” to bolster national confidence and criticize US trade policies.