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
ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.
Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.
Chicago Business Barometer catches cold winds of contraction in September
The Chicago Business Barometer's September reading indicates a softening in overall business activity in the Midwest for the third consecutive month, with new orders and backlogs retreating further.
Metalforming market sentiment takes a dive in September: PMA
Metalforming manufacturers anticipate a decrease in near-term conditions, according to the Precision Metalforming Association's (PMA) Business Conditions Report for September.
AIA: Architecture firms still under pressure
Architecture firms reported a modest improvement in billings through August, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.