Global Manufacturing Faces Diverging Trends as Tariff Uncertainty Looms

Russia and UK manufacturing contract sharply, while Germany and euro zone show early signs of recovery ahead of U.S. tariff announcement.

Russia's manufacturing sector saw its sharpest contraction in nearly three years in March, with the PMI falling to 48.2 due to weak domestic and export demand.
The UK's manufacturing PMI dropped to 44.9, its lowest since October 2023, driven by declining export orders and domestic tax pressures.
Germany's manufacturing PMI rose to 48.3, its highest since August 2022, as production increased for the first time in nearly two years, bolstered by restocking and pre-tariff orders.
The euro zone's manufacturing PMI climbed to 48.6, showing initial recovery signs with output rising for the first time in two years, though concerns remain over potential U.S. tariff impacts.
Manufacturers globally are bracing for U.S. President Donald Trump's tariff announcement on April 2, which is expected to reshape trade flows and manufacturing sentiment.