📊Executive Summary

China's manufacturing sector has experienced its worst contraction since December 2023, primarily due to the impact of US tariffs, which have reached as high as 145%. The official manufacturing purchasing managers' index (PMI) fell to 49 in April, indicating a significant slowdown. This contraction is expected to have a ripple effect on the global supply chain, particularly for electronics, as new export orders have dropped sharply. Major financial institutions are revising their growth forecasts for China, anticipating a slowdown that could necessitate further economic stimulus. The situation highlights the fragility of China's manufacturing sector amidst ongoing trade tensions with the US, which could lead to supply shortages and increased costs for electronics components....