Tensions between the world’s two biggest economies escalated sharply in May, when talks to reach a broad deal collapsed as Washington accused Beijing of reneging promises on reforms. Global fallout from the U.S.-China trade war is building as the dispute intensifies and enters its second year, disrupting supply chains, rattling financial markets and discouraging many companies from making new investments. The survey finding was in line with an official gauge on factory activity published on Sunday, which showed manufacturing contracted at a faster-than-expected pace. It was the first time in four months that the keenly-watched index has fallen below the neutral 50-mark dividing expansion from contraction on a monthly basis. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) for June came in at 49.4, the worst reading since January and below economists’ expectations of 50.0. Leaders of the United States and China agreed at the G20 summit in Japan over the weekend to restart trade talks, giving investors some cause for optimism, though analysts say the lack of any substantive agreements from the meeting mean China’s economic woes are likely to persist. ![]() The downbeat readings suggest the world’s second-largest economy is still losing steam despite a flurry of support over the past year, underlining an urgent need for more stimulus measures. and Japan, in Xingtai, Hebei province, China May 21, 2019. An employee works on the production line of a tyre factory under Tianjin Wanda Tyre Group, which exports its products to countries such as U.S.
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