CCTV News: According to the release of the China Federation of Logistics and Procurement, the global manufacturing PMI in March 2025 was 49.6%, down 0.4 percentage points from the previous month. By region, the American manufacturing PMI fell below 49%, down more than 1 percentage point from the previous month, which is the main factor leading to the decline in global manufacturing PMI; the Asian manufacturing PMI remained the same as last month, and remained stable at more than 51% for two consecutive months; the African manufacturing industry rose to more than 50%, up more than 1 percentage point from the previous month; although the European manufacturing PMI was still below 50%, it rose slightly from the previous month.

Comprehensive index changes, in March 2025, the recovery of global manufacturing industry was slightly weaker than last month. By region, after two months of expansion, the American manufacturing industry returned to the contraction range, dragging down the overall recovery of global manufacturing; Asian manufacturing industry maintained expansion and its growth rate was relatively fast; African manufacturing industry returned to the expansion range after two months of contraction; although European manufacturing industry is still in the contraction range, the decline narrowed compared with last month.

In the first quarter, the average global manufacturing PMI was 49.9%, higher than 49.2% in the fourth quarter of last year and 49.6% in the same period last year, indicating that the global economic recovery trend has been slightly better than the same period of last year and the fourth quarter of last year, but the index level is still relatively low, which means that the global economy continues to show the normalization of low-speed growth, and the economies of various regions continue to differentiate.

From the perspective of global economic evolution, the imposition of tariffs by the United States makes trade frictions inevitable, and the impact on the United States and countries around the world is negative. In the short term, it will cause an increase in global trade costs and a "multiple loss" situation of chaos in global supply chains. At the same time, we must also see that the impact of tariffs on the global economy is unsustainable, and global economic cooperation is still the mainstream, and no country can achieve so-called "self-sufficiency" through tariffs. Countries around the world will eventually return to win-win cooperation under the multilateral trade framework, so as to ensure the recovery of the global economy and move forward steadily.