Factories around the world, from Japan to Britain to the United States, saw activity slump in March as businesses braced for new US tariffs, though some saw a bounce in the race to get goods to customers before the new measures hit, global surveys showed on Tuesday.
US President Donald Trump is set to announce a tariff proposal on what he’s called “Liberation Day” on Wednesday, after implementing levies on aluminium, steel, and automobiles, along with increased tariffs on all goods from China.
Trump has said no nation will be spared tariffs that policymakers fear will be the latest blow to a global economy barely just recovered from the Covid pandemic and beset by concerns over political instability and wars.
Asia’s factory activity mostly weakened in March as the impending tariffs, plus weak global demand, hurt business sentiment, Purchasing Managers’ Index surveys – a closely-watched gauge of economic sentiment – showed.
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