Germany is back in contraction in
April, with its export-driven growth model "facing some serious
challenges," according to Hamburg Commercial Bank comment on the
S&P PMI indices for April. Despite this, "US tariff policy has
not yet caused a significant collapse in the manufacturing
sector." On the contrary, manufacturers were able to increase
production for the second consecutive month and even saw a
slight increase in export orders, which had not occurred since
the beginning of 2022."
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