May suggests that growth momentum continues to weaken in China – and this is before the negative impacts of tariff actions fully kick in. June will undoubtedly see higher impacts because new US tariffs took effect on June 1st. The Chinese government is undertaking stimulus measures to cushion the slowdown. These measures may serve to prevent over-slowing, but they won’t reverse the overall slowdown. If growth drops too quickly in the near-term, more government stimulus is highly likely.