Chinese factories are losing export orders and laying off workers as the trade war with the United States exacerbates an economic slowdown that started earlier this year. Chinese factories' export orders slumped for the fifth month in row, according to the data. The decline in orders has coincided with the escalation of trade hostilities with the United States, which began in earnest in late March. The trade war is weighing on "overall sentiment," according to the Caixin-Markit survey for August, which was sent to more than 500 companies. The United States and China have imposed tariffs on more than $50 billion of each other's goods, and are threatening far more.

Source: CNN September 03, 2018 06:44 UTC