US GDP will lose $290 billion due to tariffs

With tariffs continuing to take a toll on U.S. businesses, farmers, communities, and families across the country, a new report by IHS Markit outlines the impact of tariffs on the equipment manufacturing industry and the broader U.S. economy. “This report shows that tariffs continue to take a toll on U.S. equipment manufacturers, who will pay significantly more to manufacture equipment in the United States in the coming years,” said Dennis Slater, president of the Association of Equipment Manufacturers (AEM). “Tariffs on steel, aluminum, and Chinese imports, as well as the potential for additional tariffs, are driving up the cost of production, delaying capital investments, and impeding job creation for our more than 1,000 member companies.”