BEIJING (AP) – China experienced a contraction in factory activities in May, although the decline was less severe compared to April, according to an official survey published on Saturday. I reached a deal With the US, we managed to reduce President Donald Trump’s Sky-High Tax.
The National Bureau of Statistics reported that China’s purchasing manager index increased from 49.0 in April to 49.5 in May. The PMI is assessed on a scale from 0 to 100, where 50 serves as the dividing line between inflation and contraction.
At the same time, the manufacturing index indicated sector growth, but the index tracking new orders remained below 50, despite some signs of improvement.
Zhao Qinghe, a senior statistician at the National Bureau of Statistics, mentioned that some US businesses have indicated that the pace of foreign trade orders has quickened, enhancing import and export conditions.
The US-China trade agreements reached earlier this month Reduced Trump's tariffs from 145% to 30%. This allows negotiators from both nations 90 days to work towards a more definitive agreement. China also decreased US tariffs from 125% to 10%.
Nonetheless, the remaining tariffs are still higher than they were before Trump took office, leaving businesses and investors uncertain about the continuation of the truce.
Trump stated on Friday that he would no longer adopt a friendly stance towards China on trade in a social media message, claiming that the country broke an unspecified agreement with the United States.
He later expressed his intention to talk to Chinese President Xi Jinping in the Oval Office, contending that China is violating the agreement, “hopefully we will resolve it.”
Tensions between Beijing and Washington have also escalated after reports surfaced that the US began revoking visas for Chinese students studying in the US. China has lodged a protest against this decision, deeming it irrational.
Source: apnews.com