Manufacturers voice concern over potential US – China trade war
WASHINGTON – In a recent report from the Institute for Supply Management, manufacturers shared their thoughts about a potential trade war between the US and China.
“We are concerned about the impact of tariff and trade wars on demand,” one chemical manufacturing executive told ISM. The executive noted that business conditions haven’t yet changed.
“New tariffs are causing concern across the supply chain. Full impact will take a few weeks to reveal itself,” another manufacturer wrote.
One machinery maker said the tariffs caused “panic buying” of raw materials, which led to a surge in prices.
“Much concern in the industry regarding the steel and aluminum tariffs recently,” the person added.
President Trump imposed a 25% tariff on imported steel and a 10% tariff on imported aluminum on March 23. China answered with tariff hikes on several US products, including soybeans and airplanes – a target on industries whose workers were among Trump voters in 2016.