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<\/p>\n Email Link<\/p>\n New York \n Texas manufacturers continue to express frustration over the Trump administration\u2019s volatile tariff playbook and the impact of high borrowing costs.\n <\/p>\n \n \u201cTariff Bingo is tough,\u201d one furniture manufacturer told the Federal Reserve Bank of Dallas in a survey<\/a> released Monday. \u201cWe are probably going out of business within 90 days.\u201d\n <\/p>\n \n A transportation equipment maker warned the trucking industry \u201cremains depressed\u201d as the industry grapples with \u201cever-changing tariffs.\u201d\n <\/p>\n \n \u201cIt seems like there is lots of uncertainty in our industry with these goofy tariffs being a big part of the reason,\u201d a printing manufacturing executive said, adding they are \u201cvery worried about what the next six months will bring.\u201d\n <\/p>\n \n The comments underscore how a key Trump program \u2013 historically high tariffs \u2013 is hurting some of the same businesses it\u2019s intended to help.\n <\/p>\n \n President Donald Trump\u2019s sweeping tariffs are designed to boost domestic manufacturing jobs, giving companies a major incentive make more products in America instead of importing them.\n <\/p>\n \n However, so far, the chaotic policy rollout has paralyzed some businesses<\/a> and heaped even more pressure on US manufacturing.\n <\/p>\n \n For instance, nearly half (48%) of businesses surveyed by the Dallas Fed<\/a> said they\u2019ve been hurt by higher tariffs this year. The pain was more widespread for manufacturers, where 70% of those surveyed said they\u2019ve been negatively impacted by higher tariffs this year.\n <\/p>\n \n About 80% of the businesses hurt by tariff hikes said they have either passed cost increases to customers or plan to.\n <\/p>\n \n \u201cThese tariffs will increase our costs and will be passed on to our customers\u2019 new orders, which are typically industrial and military users,\u201d a computer and electronics maker told the Dallas Fed.\n <\/p>\n \n While the tone of the comments from manufacturers was negative, the Dallas Fed said a metric on new orders turned positive for the first time since January.\n <\/p>\n \n Still, high tariffs and significant uncertainty over trade policy have caused the Federal Reserve to hold off on lowering interest rates, for now at least. However, with the labor market on shaky ground, Fed Chair Jerome Powell last week strongly hinted the central bank may need to cut<\/a> interest rates soon.\n <\/p>\n \n \u201cIt is time to cut interest rates before it is too late. The world is doing it in order to prepare their economy for the effects of trade tensions,\u201d the electronics executive said.\n <\/p>\n \n A machinery maker complained that the Trump administration\u2019s promise to accelerate oil production hasn\u2019t panned out.\n <\/p>\n \n \u201c\u2019Drill, baby, drill\u2019 was a great mantra, but it isn\u2019t delivering to the folks in the industry,\u201d the executive said. \u201cAnd what\u2019s with a Federal Reserve that refuses to reduce interest rates? Chair (Jerome) P\ufeffowell should cut the rate now.\u201d\n <\/p>\n
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