Survey Says Tariffs Impact Manufacturers Most
About one-fifth of companies are rethinking business spending after recently announced tariff hikes and concerns about retaliation, according to a new survey by the Federal Reserve.
The survey was conducted before the latest round of tariffs on China and the retaliation that followed. It finds about 20 percent of respondents are reconsidering how to spend money long-term for major business investment.The concern is even higher among goods-producing companies. 30 percent of manufacturers are reconsidering such spending, compared to just 14 percent of service providers.
U.S. Census figures for Arizona show manufacturing is responsible for 8.6 percent of gross state revenue and approximately 154,000 jobs.