0921 GMT - Trump's tariffs have turned global trade upside down, HSBC Research economists say in a note. Asia PMI data for production and employment in April have slowed, in early signs of the tariffs' impact on regional economies, they write. New export orders plunged in Asia with the exception of India and Singapore, but orders that have been brought forward to take advantage of the 90-day pause in reciprocal tariffs would have to be fulfilled soon, which could mean that the data may hold up over the next month or two, HSBC says. India may gain further price competitiveness against China if it negotiates tariffs down, and may benefit from changing supply chains, HSBC says. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

May 06, 2025 05:21 ET (09:21 GMT)

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