The News
Asia’s biggest economies reported worsening manufacturing and industrial output, an early sign that US tariffs are starting to bite.
Chinese factory activity contracted in April, with a key indicator falling to its lowest level since late 2023, while Japanese industrial production and retail sales fell more than expected, prompting economists to cut their growth forecasts for Japan, the world’s fourth-largest economy.
US President Donald Trump’s move to partially ease auto tariffs will offer some respite to Tokyo, a major car exporter, but other industries in the region might not be so lucky: South Korean behemoth Samsung warned of coming hits to its semiconductor and smartphone business, with analysts attributing record Q1 profits to stockpiling ahead of duties taking effect.