Europe’s factories saw export growth stagnate this month as the economy feels the pinch from the global trade war that’s continuing to ratchet up.
The auto industry — targeted by U.S. President Donald Trump — is taking the brunt of the slowdown in demand, according to IHS Markit’s latest monthly survey. Overall manufacturing in the euro area grew the slowest pace in two years in September and new export orders failed to rise for the first time since 2013.
Markit’s comments echoes concerns voiced by European car manufacturers, who are particularly vulnerable to sustaining collateral damage in the trade-war salvos between the U.S. and China. But there are broader effects, with the OECD saying this week that global growth may have hit a plateau.
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