PMA Optimism Falters on Tariff Worries

Tariff worries have caused optimism among metalforming companies to wane, says the latest survey of the Precision Metalforming Association. PMA members are expecting orders to decrease in the next three months and fewer expect an improvement in economic activity.

“The data confirms that the optimism expressed by our members at the beginning of the year because of tax reform and other positive economic indicators have been reversed because of the Section 232 steel tariffs,” said PMA President Roy Hardy. “Only 24 percent of participants in this month’s survey forecast improved economic activity in the next three months, compared to 97 percent in PMA’s February Business Conditions Report. Significant steel price hikes and problems obtaining the steel needed are negatively impacting small and medium-sized manufacturers throughout the country and causing great concern in the metalforming industry. As I have stated, tariffs are taxes, and for many of our members these tariffs have already wiped out any gains from tax cuts and regulatory reform.”