(Sho Chandra – Bloomberg)
Here’s one way to assess US President Donald Trump’s tariffs on imported steel and aluminium: America’s factories already aren’t feeling so great.
The tariff announcement helped send a measure of raw-material prices paid to an almost seven-year high in March, the Institute for Supply Management’s manufacturing survey showed Monday.
That led in turn to panic buying, pushing prices higher still, with some suppliers completely selling out, according to some of the survey’s contributors.
About 32 per cent of the respondents’ comments related to the threat of duties, ranging from the potential for higher costs to concern about limited availability around production schedules, according to Timothy Fiore, chairman of the group’s factory survey committee.
The tariffs hadn’t yet gone into effect when the comments were collected, he added. Click here to read more.
- PMI® at 59.3%; March Manufacturing ISM® Report On Business®
- Tariff Announcements Pressure U.S. Manufacturers as Price Increases Loom (Sourcing Journal)