One respondent from the health care and social assistance sector told ISM, “Tariffs are causing additional costs as we continue to purchase equipment and supplies.”
Another business in real estate noted that “tariff talk has turned out to be much more bluster than actual policy.”
Trump added to market jitters by telling CNBC he would “be announcing on semiconductors and chips, which is a separate category, because we want them made in the United States,” and said the new plan would be unveiled “within the next week or so.”
According to CNBC, the prospect of fresh tariffs on chips and pharmaceuticals added pressure on equity markets already coping with labour and inflation uncertainty.
The S&P 500 slipped 0.49 percent to 6,299.19, while the Nasdaq Composite fell 0.65 percent to 20,916.55 and the Dow Jones Industrial Average declined 61.90 points to 44,111.74.