Economy
Metalforming Companies Fear Tariffs
Written by Sandy Williams
July 26, 2017
Metalforming companies in the U.S. and Canada are expecting steady business conditions during the next three months, but expressed concerns about potential Section 232 tariffs.
The PMA Business Conditions Report, prepared by the Precision Metalforming Association, showed most members are not anticipating any changes in general economic activity or incoming orders in the coming months. Current average daily shipping levels were steady in July. Workforce on short time or layoff remained well below historical levels, increasing to 5 percent in July from 2 percent in June.
“The one red flag hovering overhead remains the potential for the Trump administration to impose tariffs on imported steel via the Section 232 investigation,” said PMA President Roy Hardy. “Metalformers will be adversely affected by significant cost increases to their most essential inputs if tariffs are imposed, handing a significant advantage to their overseas competitors. We urge the administration to consider the downstream consequences of tariffs before they act.”
The PMA report is a monthly economic indicator for manufacturing, sampling 104 metalforming companies in the United States and Canada in July.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
Beige Book shows concerns about trade policy
Manufacturing was mixed, but two-thirds of districts said activity was little changed or had declined.
New York state manufacturing index drops again in April
Firms were pessimistic, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey