"Manufacturers continue to shed jobs, down 88,000 year-over-year, while productivity collapsed in the fourth quarter of last year, the opposite of what we would expect if tariffs were boosting productivity."
"Manufacturing sentiment remained negative for most of 2025, with manufacturers overwhelmingly reporting negative sentiments when tariffs were mentioned, with no respondents reporting positive views."
"Research from the Federal Reserve Bank of New York suggests that importers have borne about 90% of the tariffs, with about a quarter of that being passed onto final retail prices shoppers pay."
"When businesses have to pay more for their manufacturing inputs, and consumers have to pay higher prices for imported goods, the economy slows."
President Trump's trade policy is hindering economic growth, particularly in the manufacturing sector, which has lost 88,000 jobs year-over-year. Productivity has declined, contradicting claims that tariffs boost productivity. Manufacturing sentiment has remained negative, with no positive responses regarding tariffs. The administration's focus on production overlooks the rising costs for consumers and businesses due to tariffs. Research indicates that importers bear most of the tariff costs, leading to higher retail prices and reduced consumer spending, ultimately slowing the economy.
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