US manufacturers are warning that Donald Trump’s erratic tariff policies are harming production, with the ISM manufacturing index dropping to 48.5% in May — indicating contraction for a third straight month.
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US Manufacturing Slumps Again as Trump’s Tariffs Bite
Businesses cited uncertainty and cost pressures, as tariffs are being passed on at full value. The dollar slumped to near three-year lows against the pound and fell 0.5% against major currencies.
Investor anxiety rose after Trump hiked steel tariffs and accused China of breaching a trade truce. Meanwhile, legal uncertainty surrounds Trump’s reciprocal tariffs, and Treasury yields rose amid fears over the long-term sustainability of US government debt.
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