US and China Set to Resume Trade Talks | German Manufacturing PMI Slows
Published July 24, 2019
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to China before the end of July in a bid to reignite talks to resolve the trade dispute between the world’s two largest economies, administration officials said on Tuesday.
Growth of German business activity slowed in July as the country’s manufacturers recorded their worst monthly performance in seven years, according to the latest flash PMI data from IHS Markit, suggesting a deteriorating growth outlook for Europe’s largest economy. The German manufacturing PMI arrived at 43.1 while services PMI hit a two-month low of 55.4.
The International Monetary Fund has cut its growth forecasts for the global economy for this year and next. The world economy will expand 3.2 percent this year and 3.5 percent next year, both down 0.1 percentage point from April projections, the IMF stated in its latest quarterly World Economic Outlook.
US Treasury Secretary Steven Mnuchin said that a stable dollar is in the interest of the United States and added that he would not advocate for a weaker dollar in the near term. The US Dollar Index was trading higher this morning, at 97.65 levels.