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    July 17, 2025

    Beige Book: Tariff pressures mount, flat outlook  

    Written by David Schollaert

    Economic activity improved slightly over the last month, but reporting districts emphasized persistent uncertainty and pricing pressures across sectors, according to the Federal Reserve’s latest Beige Book report.

    Results were mixed, with just five of the 12 districts included in the report saying they saw modest growth, five saw no change, and just two declined.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

    Read more from David Schollaert

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