Manufacturing and agricultural firms among the hardest hit by tariffs: survey

Farming and manufacturing firms were among the hardest hit by tariffs stemming from a one-year trade war, according to a new survey of business economists.

The National Association for the Economy and Enterprise (NABE) surveyed its members earlier this month, about a year later President TrumpDonald John Trump2020 Dem Seth Moulton: Trump is not a patriot Celebs relax at the Capitol File After the WHCD Graham party: "I do not care" whether Trump tells McGahn to return Mueller MOREThe steel and aluminum tariffs came into effect on March 23, 2018.

The answers of business economists vary considerably depending on the type of business they work for.

Three-quarters, or 75%, of the goods-producing sector – which includes agriculture, mining, construction and manufacturing – said recent rates had had a negative impact on their businesses.

This compares to 40% of respondents from the transportation, utilities, information and communications sectors who said that fares had had a negative impact. 11% of respondents in the finance, insurance and real estate sector; and 25% of respondents in the service sector.

Overall, 28% said recent rates had a negative impact on their business, while 1% said they had a positive impact. A plurality of respondents, 43%, said they had no impact on their businesses, while 13% said the rates were "neutral" for their businesses.

A little more than one in five respondents said that tariffs had resulted in increased costs for their businesses over the last year, with 13% reporting a negative impact on sales. Among respondents in the goods-producing sector, 67% reported higher costs, 50%, higher selling prices and 42%, a negative impact on sales.

Fifty-four percent of those surveyed in the goods-producing sector reported changes in supply or supply chain changes, 31% of delayed investments and 23% of stocks delayed due to actual or potential changes trade policy. Of all respondents, two-thirds reported no change in hiring and investment due to actual or potential business activity.

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The United States and China both imposed reciprocal tariffs on their products last year, but Trump agreed in December not to raise tariffs while countries shut out tariffs. strive to reach an agreement.

Trump has made trading one of his main economic problems. He touted the economy on Friday after the Commerce Department announced 3.2% economic growth in the first quarter of this year.

NABE also questioned its members about the Fed's pause in rising interest rates. Trump has aggressively rebuffed the rate hikes, arguing that they are stifling economic growth.

Half of those surveyed said they expect the break in tariff increases to be favorable to the commercial conditions in their business, while 7% said they expect an unfavorable move and 39% said that it would not change.

NABE interviewed 116 of its members who worked for private sector companies or industry associations from April 1 to 10.