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<h1>Trade tensions and tariff negotiations are damping factory activity while ownership-transfer demands shape market access prospects.</h1> Manufacturing activity remained below expansionary levels for a sixth consecutive month, driven by weak domestic demand, intense competition and price cutting that compressed margins. Trade-policy dynamics-including a pause in steep tariff increases and negotiations tied to proposed foreign ownership transfers of technology assets-are highlighted as major external drivers. Monetary policy options, such as a prospective central bank rate cut, are noted as potential tools to stimulate spending and investment but have not yet materially loosened financing conditions.