Final Thoughts

Final Thoughts
Written by Ethan Bernard
May 15, 2025
Our latest survey results are in, and with them your up-to-date thoughts on President Trump’s tariffs. Instead of providing more clarity and certainty, the uncertainty has ticked up a bit (see the slides below).
We’ve gone over some of the notable developments that have happened since our last big survey two weeks ago. Most notably, a trade deal with the UK was announced, as well as an agreement (a work in progress) with China. (SMU’s Stephanie Ritenbaugh covered our Community Chat dealing with tariffs and aluminum here.)
Lewis Leibowitz pointed out that the UK is by no means our largest trading partner, especially when it comes to steel. Still, the fact that this deal could alter the blanket Section 232 tariffs on steel and aluminum could make it a harbinger of things to come.
While tantalizing but vague, there was also language from the White House the agreement “creates a new trading union for steel and aluminum.”
As of yet, there’s still no insight of what that might look like, or if it will be part of something larger.
In my last Final Thoughts, I also talked about the recent trade deal with China. By the time our next survey rolls around, we’ll see if this was the start of a whole new chapter for the Trump tariffs saga:
He came, he saw, he tariffed.
Until then, let’s take a look at what survey respondents had to say on whether Trump’s tariffs are helping, and if attempts at reshoring manufacturing are starting to bear fruit.
Note that we’ve been asking the first question since mid-March, and the second one since mid-April.
Are President Trump’s tariffs helping your business? Why or why not?

“They are terrible and creating chaos.”
“If they stay, it will be net positive in the long run. This year they harm demand and profitability.”
“International trade is never improved by tariffs.”
“In the long run, yes they help. But the implementation and on again, off again (nature), has created a lot of uncertainty.”
“Demand was pulled up, I feel, when it started, and we have seen customers on the sidelines ever since. We have seen some quotes from customers pulling in business from Canada.”
“Not helping or hurting right now. Construction is being hindered by high interest rates in comparison to past few years.”
“Overall, so far, it seems as though the tariff uncertainty has caused a slowdown.”
“Future prices are uncertain.”
“Trump striking deals with China and other countries will strengthen the plate market.”
“We are a Canadian manufacturer and tariffs are hurting sales.”
“HRC would be at $650 without tariffs.”
“Market has stalled.”
Are you seeing evidence of manufacturing reshoring to the US because of Trump’s tariffs? If yes, where? If no, why not?

“But only slight actions so far.”
“RFQs letting us know this is pulling in jobs from Canada.”
“Auto announcements. Less Mexican and Indian tube is being imported right now, BUT heavy imports were purchased by our end customers in Q1. Now they are heavy on inventory.”
“But it will take not months but instead years to feel the effect.”
“Nothing noticeable yet.”
“Lots of quoting, not sure what will happen.”
“Some RFQs, but no one knows what’s coming next. Everything is on hold.”
And the AI says…
Plugging these comments into ChatGPT for three takeaways for the domestic steel industry yields the following results:
1. Tariff uncertainty is damaging business confidence and slowing demand.
The US steel industry needs clearer, more consistent trade policy to restore buyer confidence, en-courage investment, and support long-term planning.
2. Short-term pain, possible long-term gain—but only with policy stability.
To realize long-term benefits, the industry must brace for short-term disruptions and advocate for better-managed implementation of trade protections.
3. Limited evidence of reshoring, mostly in early stages.
Reshoring is not yet a major trend. The US steel industry should temper expectations and invest in
efficiency and capacity while waiting for clearer reshoring signals.
Parting words
There you have it. Take these with a grain of salt, or not, and, as always, thanks for all your support!

Ethan Bernard
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