US Manufacturing Activity Shrinks for First Time This Year
US factory activity contracted in March for the first time this year and prices accelerated sharply for a second month as the drumbeat of higher tariffs reverberated through the economy.
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Jeep-maker Stellantis NV plans to temporarily halt some production in Canada and Mexico. Ford Motor Co. began offering steep discounts to keep customers coming to showrooms. And Volkswagen AG warned dealers that it will tack on import fees to the vehicles it ships to the US. The moves show the immediate fallout from car tariffs that took effect shortly after midnight in Washington. The levies, part of a broader trade war, are expected to upend supply chains and add thousands of dollars in costs to most vehicle models. Dartmouth professor of economics Doug Irwin questions President Trump’s trade war strategy and discusses why he doesn’t believe it will help bring many manufacturing jobs back to the United States. Professor Irwin speaks with Tom Keene and Paul Sweeney on Bloomberg Radio. (Source: Bloomberg)
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