US manufacturing rebounds, tariffs could derail tentative recovery
Donald Trump slapped tariffs on goods from three major trade partners at the weekend.
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While Trump on Monday said he would pause the 25% tariffs announced Saturday on Mexican and Canadian goods, a 10% levy on goods from China is set to go ahead, and economists say the lingering tariff threat will constrain manufacturing through a strong dollar that makes U.S.-made goods uncompetitive.
«Tariffs represent a negative supply shock, which hurts production and raises prices, a much smaller scale of what we experienced in the pandemic,» said Kathy Bostjancic, chief economist at Nationwide.
«Another round of tariffs from the U.S. would amplify the deleterious impact on inflation and GDP growth.»
A survey from the Institute for Supply Management (ISM) released on Monday, which was conducted before the escalation in trade tensions, showed raw-material inventories at factories were already declining last month, lifting prices for the fourth straight month.
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