Analysis
August 8, 2025
SMU Survey: Buyers remain leery of tariffs, but more see reshoring happening
Written by Kristen DiLandro
SMU latest steel-market survey reveals that steel market participants are weary of tariffs and are awaiting evidence of progress in reshoring.
In March, when blanket Section 232 tariffs of 25% went into effect, 29% of survey respondents thought the tariffs were helpful. This week, the number answering affirmatively is only 13% – which tracks with generally lower support for tariffs since ‘Liberation Day’ and the introduction of ‘reciprocal’ tariffs in April.
Despite that, the survey also shows that steel market participants are slightly more hopeful about progress in reshoring.
Editor’s note: The numbers in the charts below correspond to the page you can find these on in our steel-market survey, the full results of which are here.
Are President Trump’s tariff policies helping your business?
The number of market participants that see Trump’s tariff policies as helpful inched up to 13% from only 8% in our last survey in late July. But most participants (49%) continued to say that Trump’s policies do not help business, a result that is unchanged from our last survey.
If there is one notable shift, it’s that opinions about tariffs might have hardened. Fewer participants (38%) are unsure of the impact of tariffs on their businesses.
Here is what some survey respondents had to say in their own words:
“To date, policies are still changing.”
“Negotiating tools that have not stuck long enough to work.”
“Uncertainty and higher prices due to tariffs are slowing the start of new projects.”
“Without the tariffs, we would struggle greatly.”
“The uncertainty is causing customers to be cautious and order minimum quantities or from US-based suppliers.”
“Any focus on domestic sourcing, and tariffs on imports, helps us.”
“Getting more quotes on business coming back to the US.”
“Starting to see customers want to reshore tube purchases as well as make assemblies in the US versus importing.”
“They’re most definitely hurting. The on-again/off-again non-sense is brutal for anyone trying to forecast and/or allocate capital. Just awful.”
“We are forced to buy some of our alloy sheets from Europe because they are not made in the USA. 50% tariff on these products are hurting us in a big way.”
“We are leveraging the tariff scenario to streamline operations, and our customers seem to like our position.”
“The changing goal posts are not supportive of a good business environment.”
“Breeds uncertainty, which hampers planning. Also, a fair number of illogical moves.”
“Stagflation on the horizon if not already here.”
“They are hurting our business as well as future business.”
“Increasing our costs and creating uncertainty.”
“Seeing numerous onshoring request for quotes.”
“Too much indecisiveness.”
Are you seeing evidence of manufacturing reshoring to the US because of Trump’s tariffs?
When it comes to reshoring, the most common response (41%) remains that it’s too early to say whether there is evidence of it. That said, we saw in our latest survey the highest response to date (30%) of people saying they do see reshoring happening. And only 29% said they see no evidence of it.
Here is what survey respondents had to say, in their own words:
“Different suppliers at multiple locations domestically.”
“Lots of promises, nothing firm.”
“Lots of talk. But to date no real, defined action.”
“Seeing automotive business coming back to US.”
“A little in the auto sector.”
“Returning to USA manufacturing is a lengthy process.”
“Have two meetings in the next two weeks to talk to customers about possibilities of helping them get started with reshoring efforts.”
“Nearby steel processor is upgrading facilities.”
