U.S. manufacturing fell for the first time in three years in August. Fresh tariffs could compound the woes, writes tombuerkle.
Economic activity in the manufacturing sector contracted in August, the first such decline in three years, the Institute of Supply Management reported on Sept. 3. The ISM’s purchasing managers’ index, or PMI, for manufacturing fell to 49.1 in August from 51.2 in July. A reading below 50 indicates the sector is contracting.
The United States imposed a 15% tariff on $125 billion of Chinese imports including footwear, smart watches and flat-panel televisions on Sept. 1. The administration of President Donald Trump has proposed increasing duties on an additional $250 billion of Chinese goods on Oct. 1, and imposing a 15% levy on a remaining $156 billion of imports not yet hit with tariffs on Dec. 15.
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