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lite.cnn.com - on gopher - inofficial
ARTICLE VIEW:
‘Tariff Bingo is tough.’ Texas manufacturers sweat Trump’s
tariffs, high interest rates
By Matt Egan, CNN
Updated:
4:22 PM EDT, Mon August 25, 2025
Source: CNN
Texas manufacturers continue to express frustration over the Trump
administration’s volatile tariff playbook and the impact of high
borrowing costs.
“Tariff Bingo is tough,” one furniture manufacturer told the
Federal Reserve Bank of Dallas in a released Monday. “We are probably
going out of business within 90 days.”
A transportation equipment maker warned the trucking industry
“remains depressed” as the industry grapples with “ever-changing
tariffs.”
“It seems like there is lots of uncertainty in our industry with
these goofy tariffs being a big part of the reason,” a printing
manufacturing executive said, adding they are “very worried about
what the next six months will bring.”
The comments underscore how a key Trump program – historically high
tariffs – is hurting some of the same businesses it’s intended to
help.
President Donald Trump’s sweeping tariffs are designed to boost
domestic manufacturing jobs, giving companies a major incentive make
more products in America instead of importing them.
However, so far, the chaotic policy rollout has and heaped even more
pressure on US manufacturing.
For instance, nearly half (48%) of businesses said they’ve been hurt
by higher tariffs this year. The pain was more widespread for
manufacturers, where 70% of those surveyed said they’ve been
negatively impacted by higher tariffs this year.
About 80% of the businesses hurt by tariff hikes said they have either
passed cost increases to customers or plan to.
“These tariffs will increase our costs and will be passed on to our
customers’ new orders, which are typically industrial and military
users,” a computer and electronics maker told the Dallas Fed.
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.
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 interest rates soon.
“It 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,” the electronics executive said.
A machinery maker complained that the Trump administration’s promise
to accelerate oil production hasn’t panned out.
“’Drill, baby, drill’ was a great mantra, but it isn’t
delivering to the folks in the industry,” the executive said. “And
what’s with a Federal Reserve that refuses to reduce interest rates?
Chair (Jerome) Powell should cut the rate now.”
A paper manufacturer expressed hope that Trump’s sweeping tax and
spending cut package, known as the , will help the industry soon.
“We have been treading water since the first of the year and it is
starting to get tired,” the executive said. “The OBBB is somewhat
of a life preserver but we need activity in manufacturing to pick up
sooner than 2-3 years from now.”
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