3 North American Manufacturing Stocks Watching Tariffs And Cost Pressures

Tariff headlines are back in focus, with fresh Section 301 proposals, shifting steel and aluminum duties, and questions around USMCA all reshaping the cost of doing business across borders. For North American manufacturers, higher and more uncertain trade costs can either squeeze margins or create openings where competitors face bigger hurdles. This article looks at three stocks from a U.S., Canada, and Mexico manufacturing screener that appear positioned to benefit from these policy moves. It explores how their business models intersect with the latest tariff rules and where investors may want to dig deeper.

Overview: Century Aluminum produces primary aluminum and alumina, supplying both standard and higher value products from smelters in the United States and Iceland, supported by a carbon anode plant in the Netherlands and bauxite and alumina operations in Jamaica.

Operations: The company generates all its US$2.5b of revenue from primary aluminum, with around US$1.9b coming from the United States and about US$660 million from Iceland.

Market Cap: US$5.4b

Century Aluminum sits at the heart of the tariff story, with a largely U.S. and EU production footprint that benefits when Section 232 and Section 301 measures raise costs for overseas competitors and support regional aluminum premiums. Recent trade actions limiting imports from China and other countries, together with projects like the Mt. Holly expansion and the planned Oklahoma smelter, position the company to serve reshoring and electrification demand while tapping U.S. manufacturing tax credits. At the same time, investors need to weigh meaningful risks, including sensitivity to power and raw material costs, heavy reliance on supportive trade policy, and some recent insider selling. All of these factors can affect the quality and durability of current profitability and growth expectations.

Tariff fueled momentum at Century Aluminum looks powerful, but the full story sits in how policy support, power costs and new U.S. projects interact. Start with the 4 key rewards and 2 important warning signs (1 is major!)

NasdaqGS:CENX Earnings & Revenue History as at Jun 2026

Overview: West Fraser Timber is a large Canadian wood products company that makes lumber, engineered wood panels, pulp, paper, and bioenergy inputs used in housing, renovation, packaging, and industrial applications across North America and Europe.

Operations: West Fraser Timber generates most of its US$5.3b of revenue from Lumber at US$2.5b and North America Engineered Wood Products at US$2.0b, with Europe Engineered Wood Products contributing US$524 million and the balance from segment adjustments and corporate items.

Market Cap: CA$7.8b

West Fraser Timber stands out in this screener because it sits on the right side of several trade and sustainability trends, yet still carries meaningful risks. As a Canadian exporter into the U.S., it benefits when Section 301 tariffs raise costs for overseas competitors while USMCA keeps its own trade channels relatively open, even as softwood lumber duties and tariff uncertainty remain a drag. Some analysts highlight the possibility of a shift from current losses to future profitability, supported by higher margin engineered wood products, mill modernization and a growing sustainability story including emissions targets and long term fibre agreements. At the same time, recent losses, ongoing trade disputes and a dividend that is not covered by earnings show that the recovery path is not straightforward.

West Fraser Timber’s shift from basic lumber to higher margin engineered wood and bio-products could be more than a cycle story. Yet the real twist is buried in the 2 key rewards and 1 important major warning sign

TSX:WFG Revenue & Expenses Breakdown as at Jun 2026

Overview: Amprius Technologies develops and sells silicon anode lithium ion batteries, with its SiCore and SiMaxx product lines designed for high energy density mobility uses such as drones, high altitude aircraft and other emerging aviation platforms.

Operations: Amprius Technologies generates US$90.3m of revenue from its Battery Business, with around US$62.8m from EMEA customers, US$15.9m from North America and US$11.5m from Asia Pacific.

Market Cap: US$2.2b

Amprius Technologies sits at the intersection of tariff policy and next generation battery demand, with U.S. anchored supply chains, high energy density cells and a growing mix of defense, drone and electric mobility customers. New Section 301 tariffs that keep import costs elevated for foreign battery suppliers can affect the relative economics for Amprius, particularly as it secures multi million contracts, expands global capacity and raises 2026 revenue guidance. The flip side is real execution risk, including heavy exposure to aviation and drone demand, complex scale up of silicon anode technology, share dilution and ongoing losses that still need to narrow. For investors watching North American manufacturing, a key question is how those policy tailwinds, growth targets and balance sheet risks fit together into a coherent risk reward view on Amprius.

Amprius Technologies is racing to scale high energy batteries as tariffs reshape who wins future defense and drone contracts, but the real tension between its ambition and its risks sits inside the 3 key rewards and 3 important warning signs

NYSE:AMPX Earnings & Revenue Growth as at Jun 2026

The three stocks covered here are only a starting point, with the full North American Manufacturing screen surfacing 44 more companies that share similarly compelling fundamentals and policy linked narratives inside the North American Manufacturing screener. Use Simply Wall St to identify, filter and analyze the specific catalysts, financial profiles and trade related angles that matter most so you can focus on the highest conviction manufacturing ideas across the U.S., Canada and Mexico.

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financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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If Tariffs Rise, These U.S. Manufacturing Stocks Could Benefit

With the U.S. trade agenda back in the spotlight, proposed new tariffs of 10% to 37.5% on imports from dozens of key partners are putting fresh attention on companies that actually make things inside the country. For investors, this kind of policy shift can reshape cost structures, supply chains and pricing power, creating potential winners and laggards. This article looks at 3 U.S. domestic manufacturing stocks that are exposed to these tariff headlines and that may be affected if production tilts further toward local factories. Keep reading to see which 3 stocks make the list and why they matter now.

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Overview: Packaging Corporation of America manufactures containerboard, corrugated boxes and displays used to ship and merchandise consumer and industrial goods, and also produces office, printing and specialty papers across North America.

Operations: The company generates the bulk of its US$9.2b revenue from Packaging at about US$8.5b, with a smaller Paper segment at about US$621m and other corporate items offset by intersegment eliminations.

Market Cap: US$19.9b

Investors looking at U.S. focused manufacturing stocks may want to pay attention to Packaging Corporation of America, which sits at the intersection of strong pricing power in everyday packaging, a recent 20% dividend hike and a business model that leans on largely domestic mills and box plants, potentially limiting tariff exposure as trade costs rise. At the same time, the company is managing high debt levels, a P/E that is above sector averages and earnings that recently declined, all while demand and input costs stay in focus. The key consideration is whether current pricing, cash flow potential and tariff insulation are enough to outweigh those risks and justify a closer look at the company.

Pricing power, a 20% dividend hike and mostly domestic operations make Packaging Corporation of America look more resilient than it first appears, but the full story sits in the 3 key rewards and 2 important warning signs

NYSE:PKG P/E Ratio as at Jun 2026

Overview: Steel Dynamics is a U.S. based steel producer and metal recycler that makes flat rolled and long steel products, building components and recycled aluminum, serving construction, automotive, manufacturing, transportation, energy and industrial customers.

Operations: Steel Dynamics generates most of its US$19.0b in revenue from Steel Operations at about US$13.9b, alongside Metals Recycling at about US$4.4b, Steel Fabrication at about US$1.4b and Aluminum at about US$0.6b, with smaller other items and eliminations.

Market Cap: US$39.7b

Steel Dynamics sits at the center of several themes for domestic manufacturing investors, combining a largely U.S. production footprint with exposure to tariffs that can make imported steel less competitive and support pricing for local mills. The company pairs steel and aluminum production with integrated recycling, which can help manage raw material costs and appeal to customers focused on lower carbon materials. Recent results show earnings per share and higher shipments. At the same time, the stock trades on a relatively rich P/E, relies on external borrowing and faces cyclicality in construction and manufacturing demand, as well as policy risk if tariff regimes change. The focus for investors is how these positive and negative factors may affect future earnings power and valuation.

Steel Dynamics’ earnings and shipments are moving, but the real story sits in how investors are pricing that relatively rich P/E against future tariff and demand swings that could reshape its analysis report for Steel Dynamics

NasdaqGS:STLD P/E Ratio as at Jun 2026

Overview: Deere & Company manufactures and finances agricultural, construction and forestry equipment worldwide, supplying everything from row crop tractors and harvesters to lawn care, roadbuilding machinery and related parts and services.

Operations: Deere generates most of its revenue from equipment, with about US$17.1b from Production & Precision Agriculture, US$13.2b from Construction & Forestry, US$11.4b from Small Ag & Turf and US$6.2b from Financial Services, offset by smaller intersegment and other items.

Market Cap: US$158.8b

Deere is drawing attention because it ties together high tech precision agriculture, a growing construction and forestry arm and a financing unit that keeps equipment sales moving. At the same time, tariffs and “buy American” policies put extra focus on companies that build a lot inside the U.S. More than 75% of its domestic sales are assembled locally, tariff refunds are helping offset higher import costs, and demand for construction and roadbuilding equipment linked to data centers and infrastructure is helping to counter a softer large farm cycle. At the same time, debt funded Financial Services, tariff uncertainty and weaker North American ag demand keep risk firmly on the table, which makes Deere a stock where the details really matter.

Deere’s mix of precision ag, construction gear and financing looks like a growth engine hiding in plain sight. The real twist shows up in the analyst forecasts for Deere investors keep overlooking

NYSE:DE Earnings & Revenue History as at Jun 2026

The 3 stocks in this list are a starting point, but the full U.S. Domestic Manufacturing Stocks screener surfaces 44 more U.S. focused manufacturers with equally compelling stories around tariffs, reshoring and domestic production. Use Simply Wall St to analyze, filter and identify the specific catalysts and narratives that match your highest conviction ideas so you can focus on the opportunities that fit your own approach.

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Trump Revamps Metals Tariffs to Give Relief to US Manufacturing and Agriculture

President Donald Trump signed a proclamation on Monday (June 1) lowering duties on agricultural and industrial machinery while expanding the tariff net to cover new industrial components.

The adjustments, which take effect on June 8, reduce tariffs on agricultural equipment and residential HVAC systems to 15 percent from 25 percent.

The order also extends the 15 percent tariff category to mobile industrial equipment, such as bulldozers and forklifts, provided the goods are imported from nations with active US trade agreements.

“Among other things, the Secretary (of Commerce) has informed me that recent circumstances have affected and are affecting domestic industries that use agricultural equipment, industrial equipment and machinery, and other related products,” Trump said in the proclamation.

He added that the temporary changes “appropriately accounts for these products’ roles in productive economic activity in the United States.”

The administration also lowered the threshold for foreign manufacturers to qualify for preferential duty rates. Under the new rules, imported capital equipment can qualify for a 10 percent tariff rate if it contains at least 85 percent US melted and poured or smelted and cast steel or aluminum by weight.

Previously, foreign products faced a 15 percent rate and required a 95 percent domestic metal composition.

While relaxing rules for downstream machinery users, the order expands the scope of the tariff regime. The proclamation adds steel racks and aluminum lithographic plates to the list of derivative products subject to a 25 percent tariff rate.

The changes modify a sequence of aggressive trade penalties implemented since Trump renewed the Section 232 tariffs in April 2025, which included hiking baseline steel and aluminum import tariffs to 50 percent in June 2025.

The conflict in the Middle East has disrupted international steel shipments into the US, driving up domestic material costs. However, manufacturers report that domestic buyers are absorbing the premium to secure guaranteed delivery schedules.

The restrictive trade policies have reshaped North American supply chains since the 50 percent baseline tariffs were enacted one year ago. For instance, Canadian manufacturers, who supply a significant volume of the continent’s agricultural machinery, have faced constrained access to the US market.

Copper joins the threshold

The specific adjustment extends to copper products, as the administration seeks to incentivize the use of US-mined and processed critical minerals.

In a fact sheet released last April, the White House explicitly cited domestic capacity expansions by Highland Copper Company Inc. (TSXV:HI,OTCQB:HDRSF) Ivanhoe Electric (NYSE AMERICAN:IE,TSX:IE), Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), and Wieland as evidence that its tariff regime is successfully redirecting capital into the domestic supply chain.

“This White House statement is an important acknowledgement of Highland’s Copperwood project. It also reflects our visibility to the administration and key US federal agencies,” CEO Barry O’Shea said in a company press release last month.

The administration stated these expansions prove that Section 232 protections ensure domestic producers can compete against lower-priced foreign imports.

It further maintained that the protective measures are successfully redirecting industrial investment, noting that US manufacturing expanded in May 2026 at its fastest pace in four years.

For instance, domestic crude steelmaking capacity is projected to grow by over 4 million tons over the next two years, with new facility investments underway in West Virginia, Arkansas, and South Carolina.

Additionally, Century Aluminum (NASDAQ:CENX) and Emirates Global Aluminum earlier this year announced a joint venture to construct a new aluminum smelter in Oklahoma.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Tariffs drive companies to expand manufacturing in U.S., Gerdau says

Gustavo Werneck, chief executive of Gerdau, said the U.S. administration’s tariff policy may be viewed as an unexpected measure, but it also reflects a long-term vision and confidence in the revival of American industry.

According to Werneck, Gerdau does not base its investment decisions on short-term volatility and continues to invest because it believes in the long-term recovery of U.S. manufacturing.

“There has been an additional incentive for Brazilian companies to establish manufacturing operations here in the United States,” Werneck said during the third edition of the Summit Valor Brazil-USA on Wednesday in New York.

The executive, who took part in a panel on trade and investment relations between Brazil and the United States, said the cost of key industrial inputs such as energy and natural gas in the U.S. is unmatched, making it impossible to offset the price gap between the two countries solely through management efficiency.

“In Brazil, we pay around $16 per cubic meter of natural gas. Here, despite all the volatility, we are still paying around $4,” he said.

Gerdau operates 13 of its 29 steel production units in North America, with facilities spread across the United States and Canada.

According to Werneck, the reindustrialization of the U.S. is already visible through customers building new factories in the country.

“We are currently supplying a significant amount of steel to new semiconductor plants being established here,” he added.

Gustavo Werneck — Foto: Vanessa Carvalho/Valor



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Tariffs alone won’t save American manufacturing — here’s what actually will

As this year’s State of the Union made clear, President Trump places manufacturing — and tariffs — at the center of his economic agenda. Even with the Supreme Court striking down the IEEPA tariffs, other tariffs, including Section 232 tariffs on steel and aluminum, are here to stay. In fact, last week the United States Trade Representative announced the initiation of its first investigation under Section 301 of the Trade Act of 1974 with the stated aim of replacing the IEEPA tariff regime.

President Trump’s goal of ushering in the greatest manufacturing era in American history remains intact, but the fatal flaw of the administration’s current tariff strategy is that it is making it more expensive to manufacture in America.

Trump allies, including Oren Cass at American Compass, argue that tariffs and reshoring are essential to securing supply chains and rebuilding America’s manufacturing base. Cass recently told the Financial Times that tariffs are strategic levers to restore industrial capacity. Michael Lind, in his essay “So What If Tariffs Are Taxes?”, portrays tariffs as a public good that can reassert national control over markets. Robert Lighthizer, Trump’s former trade representative, defends tariffs as central to safeguarding U.S. manufacturing. These arguments carry populist appeal, but they falter when confronted with the economics of manufacturing and the realities of global supply chains.

Cass and Lind suggest that reshoring can be accomplished swiftly. But the equipment manufacturing industry, which I advocate on behalf of, demonstrates otherwise. Supply chains are vast, intricate, and global. Companies operate on multi-year investment cycles, and suppliers cannot be uprooted overnight. Attempting to force rapid reshoring risks bottlenecks, shortages, and inefficiencies that weaken U.S. equipment manufacturers rather than strengthen them. The Trump administration has wisely provided glide paths for industries facing regulatory changes; reshoring requires similar patience, not blunt instruments.

Tariffs, meanwhile, raise the cost of U.S. manufacturing. Steel and aluminum tariffs, along with levies on derivative components, have already inflated input costs for American equipment manufacturers. The United States is already the highest-cost producer of heavy equipment globally, and additional tariffs only exacerbate this disadvantage. Cass and Lind argue that tariffs level the playing field, but in practice they make U.S.-made equipment less competitive both at home and abroad. Lighthizer’s defense of tariffs as a bulwark against globalization ignores a fundamental reality: higher costs erode competitiveness.

Export competitiveness suffers as well. Higher input costs make U.S. goods less attractive in foreign markets, forcing manufacturers to either absorb losses or relocate production abroad to remain competitive. This dynamic undermines the President’s vision of global manufacturing leadership and his claim to be the “Affordability President.” Cass, Lind, and Lighthizer frame tariffs as tools to reduce deficits, but in practice they risk expanding them by driving production offshore.

Even if reshoring could be swiftly accomplished through tariffs — a premise many economists dispute — expanding domestic manufacturing capacity runs into a more fundamental constraint: the nation’s workforce. The U.S. manufacturing sector is already struggling to fill open positions. As of late 2025, between 394,000 and 449,000 manufacturing jobs remain unfilled nationwide, according to U.S. Department of Labor and Federal Reserve data. In equipment manufacturing specifically, vacancies remain high, with more than 85,000 job openings. A Deloitte study forecasts a shortfall of 2.1 million manufacturing workers by 2030 — a gap large enough to cost the U.S. economy as much as $1 trillion in lost output.

This looming deficit is driven in part by accelerating retirements among Baby Boomers and Generation X, who make up a disproportionate share of today’s skilled industrial workforce. Compounding the challenge, current and anticipated immigration policies are shrinking the pool of available workers at precisely the moment labor demand is rising. With immigration now the primary driver of growth in the working-age population, these declines significantly constrain labor supply across industrial sectors. It will take far more than tariffs to rebuild domestic manufacturing. Meaningful increases in workforce availability — through training, retention, workforce participation strategies, and immigration reforms — are essential before the U.S. can fill today’s job openings, let alone the additional labor required to support large-scale reshoring.

President Trump’s vision of industrial strength can be realized through investment in innovation, workforce development, and critical new infrastructure. Advanced manufacturing technologies, automation, and national energy dominance can give U.S. equipment manufacturers a decisive edge. Expanding apprenticeships, vocational training, and STEM education will ensure a skilled and growing workforce ready for modern industry. Modernizing ports, rail, and digital infrastructure will reduce logistical costs and enhance supply chain efficiency. Strategic partnerships with allies can diversify supply chains without resorting to blunt tariffs. These measures align with President Trump’s goals while avoiding the pitfalls of Cass, Lind, and Lighthizer’s protectionism.

President Trump is right to champion manufacturing as the backbone of American strength. But tariffs and forced reshoring are costly detours. Global supply chains cannot be redirected overnight. Tariffs raise input costs, and higher costs erode American competitiveness domestically and abroad. Cass, Lind, and Lighthizer offer patriotic rhetoric, but their solutions undermine the very industries they seek to protect. To truly make American manufacturing great again, the administration should double down on building strength through competitiveness, not barriers.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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These U.S. companies think Trump’s tariffs are great. Here’s why

It’s hard to imagine that any CEO in the United States likes the tariffs imposed by U.S. President Donald Trump more than Marc Bitzer does.

Bitzer is the chief executive of Whirlpool Corp., the only major appliance company that makes the bulk of its products in the U.S.

At one of the company’s factories — a giant plant in Clyde, Ohio, that has the capacity to produce 22,000 washing machines per day — Bitzer announced Whirlpool’s plans for a new $60-million US facility in nearby Perrysburg, which would create 150 jobs.

He told the audience that Whirlpool used to feel it did not have a fair chance against its chiefly Asia-based competitors because of their ability to manufacture using cheap, subsidized steel and other components.

“It felt occasionally, being the last U.S.-based appliance manufacturer, like being in a boxing fight with three other guys in the ring, and you have one arm tied behind your back,” he said.

Then along came the Trump administration and its sweeping global tariff regime, which Bitzer says has given the country an opportunity to start a renaissance in U.S. manufacturing. It’s a sentiment you rarely hear from the many Americans struggling with rising costs triggered in part by Trump’s trade policies.

Marc Bitzer is the chief executive of Whirlpool Corp., the only major home appliance company that manufacturers the bulk of its products in the U.S. (Mike Crawley/CBC)

“Tariffs do create a level playing field, and that’s a big deal,” Bitzer said, a line that triggered applause from the audience, a mix of plant workers and elected officials.

The White House is on a push to showcase the success stories of U.S. manufacturers who are benefitting from tariffs. The push saw U.S. Trade Representative Jamieson Greer, a member of Trump’s cabinet, setting out last week on a two-day tour of factories in Ohio and Michigan, including the Whirlpool plant.

‘Tariffs on all that crap from China’

CBC News followed Greer on his itinerary, which also included stops at a company near Detroit that builds drones and at the biggest U.S. manufacturer of solar energy systems, near Toledo, Ohio.

“Under other presidents, the job of the U.S. trade representative was usually to do trade deals to try to import as much crap as possible from China,” Greer told the audience at Whirlpool.

“Under President Trump, the job is to put tariffs on all that crap from China,” he said.

Jamieson Greer, the U.S. trade representative in the Trump administration, attends an event in Warren, Mich., on Thursday as part of a push by the White House to showcase success stories of U.S. manufacturers who are benefitting from tariffs. (Mike Crawley/CBC)

After Whirlpool’s CEO praised the Trump administration for its tariff policies, Greer praised the company for its long-standing commitment to making its washing machines, dryers, refrigerators and more in the U.S.

It revealed something of a common theme to Greer’s tour: the companies he visited were already doing “Made in America” manufacturing before Trump returned to the White House in 2025 and launched his tariff-powered global trade war.

Ultimate goal is more U.S. manufacturing

At each stop on the tour, Greer laid out his pitch for the administration’s tariff regime. And in contrast to Trump, who has imposed or threatened tariffs for at times wildly divergent reasons, Greer puts forward a consistent rationale.

“The ultimate goal is we want to make sure that we have more manufacturing in the United States,” Greer told reporters at one of the Michigan stops, the plant where automaker Stellantis assembles the Jeep Wagoneer.

“The more you make here, the more the tariffs benefit you,” he said later that day at the Auburn Hills, Mich., location of Firefly Drone Systems and Swarm Defense Technologies.

An employee of Firefly Drone Systems works at the company’s factory in Auburn Hills, Mich. (Mike Crawley/CBC)

Like Whirlpool, the two drone companies were making their products in the U.S. before Trump’s tariffs were imposed.

“It’s been very important to us from the beginning that we manufacture close to home,” Kyle Dorosz, CEO of Swarm and Firefly, said in an interview.

Companies want ‘level playing field’

So while tariffs did not drive the companies’ initial moves to make their products in the U.S., Trump’s trade war means the decision is paying off.

“It’s actually created a competitive advantage for us compared to some of our other competitors, especially on the commercial side, who were manufacturing overseas and their entire system was now subject to tariffs,” Dorosz said.

There’s a similar take on tariffs at First Solar, which manufactures large-scale solar power systems at U.S. factories like the one Greer visited near Toledo.

With its rivals either based in China or using largely Chinese-made components, First Solar committed seven years ago to sourcing its materials domestically and making its products in U.S. factories, says CEO Mark Widmar.

Greer, left, speaks with Mark Widmar, CEO of First Solar, the largest solar power manufacturer that makes its products in the U.S. (Mike Crawley/CBC)

“China has chosen to compete in a way that it would almost make it unmanageable for any company, regardless of your industry,” Widmar told reporters as he stood beside Greer after their factory tour.

“I don’t need to be protected. I just need a level playing field,” he said. “Give me a level playing field, we’ll out-innovate and we’ll thrive.”

Manufacturing jobs declined since Trump inauguration

While Greer’s tour highlighted companies that have been making their products in the U.S. for years, it’s more difficult for the administration to showcase manufacturers that have set up shop in the U.S. or added jobs specifically as a result of the tariffs.

Since Trump’s return to the White House, U.S. manufacturing job numbers have continued to decline. According to Federal Reserve Bank statistics, there were 12,673,000 manufacturing jobs at Trump’s inauguration in January of last year, a figure that has since dipped to 12,591,000.

One win for the tariff regime that Greer pointed to: the announcement in October by Stellantis that it would shift production of the Jeep Compass from Brampton, Ont., to a previously shuttered plant in Belvidere, Ill.

Greer says the administration isn’t singling out Canada with its tariff policy, but has made a strategic decision to bring as much auto manufacturing to the U.S. as possible.

Dozens of Whirlpool employees at the washing machine plant in Clyde, Ohio, were in the audience for the company’s announcement of investing $60 million US to build a new manufacturing plant producing appliance components in nearby Perrysburg. (Mike Crawley/CBC)

“It’s not really about Canada per se. Our action on autos is global in nature,” Greer told CBC News.

Asked if the administration sees Canada as a partner or competitor, Greer refused to bite.

“I don’t think it’s really binary, right? There are some things we import from Canada that we need,” he said.

It’s a statement that contrasts notably with Trump’s oft-repeated yet factually incorrect line that the U.S. doesn’t need anything from Canada.

Greer will be a key negotiator in the upcoming talks on the future of the Canada-U.S.-Mexico Agreement (CUSMA), the trade deal that currently exempts the vast bulk of Canada’s export from tariffs.

Each country has until July 1 to announce whether it intends to renew the agreement, and Greer told CBC News in February that tariffs will be a part of any Trump administration trade deal with Canada.

Back at the Whirlpool plant, he told the audience that he’s in the Oval Office on a near-daily basis.

“Almost every day, President Trump says, ‘Do you think the tariffs should be higher, Jamieson?'” Greer said. His response: “We’re working on it, sir. We’re working on it.”

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Trump Pharma Tariffs: Wrong Rx for U.S. Patients, Manufacturing, and Innovation | Blogs | Apr 3, 2026

Concluding a Section 232 investigation into pharmaceuticals launched last year, the Trump administration has announced it will impose tariffs of up to 100 percent on imports of branded pharmaceutical drugs (generic drugs are exempt). While numerous carveouts, exceptions, and exemptions will apply, the proclamation is misguided for many reasons. Most notably, it will harm both American patients and the nation’s drug innovation capacity, even as the administration’s continued fixation on tariffs overlooks far more effective policies to strengthen U.S. biopharmaceutical manufacturing and innovation. With the right mix of policies, the administration could achieve the increase in domestic drug manufacturing it seeks without the harmful side effects that tariffs would bring.

It should be noted that companies exporting from nations with which the United States has recently completed new trade deals will face capped tariffs—15 percent in the case of the European Union, Japan, South Korea, and Switzerland, and 10 percent for the United Kingdom. Moreover, 17 major drugmakers have already entered into so-called “most-favored nation” (MFN) drug-pricing agreements with the U.S. government that would exempt them from the 100 percent tariff. The announcement also gives companies not covered by a trade agreement or an existing MFN deal 120 days to either announce new or expanded manufacturing facilities in the United States or conclude an MFN agreement with the administration.

Thus, while the top-line 100 percent tariff figure sounds—and is—quite high, the numerous carveouts and exemptions mean the effective tariff rate will likely be lower. Nevertheless, this outcome of the Section 232 pharma investigation is misguided. As ITIF has warned, the tariffs will needlessly harm U.S. patients and, ultimately, U.S. biopharmaceutical innovation.

These tariffs will hit American patients—especially those who depend on innovative medicines from foreign drugmakers—extremely and unnecessarily hard. This is especially true for small firms that make treatments for rare diseases (which affect small patient populations) that simply lack the scale to expand manufacturing operations to the United States. For example, the Japanese companies Ono Pharmaceutical and Kyowa Kirin Co. produce innovative treatments for rare gastrointestinal stromal tumors and rare cutaneous T-cell lymphomas, respectively. Meanwhile, the Indian biopharmaceutical company Biocon produces itolizumab, an innovative biologic treatment for acute psoriasis that inhibits the improper immune response that causes psoriatic blemishes. Elsewhere, in Saudi Arabia, ITIF has highlighted breakthrough research into innovative stem cell treatments for leukemia.

Whether the section 232 tariffs raise prices for critical imported drugs to 15 percent, 100 percent, or to some other level, they will needlessly increase the cost of imported medicines Americans depend on and harm patients who benefit from innovations developed around the world to treat or cure difficult diseases.

Another critical problem with these 232 pharma tariffs is that they further entrench the misguided MFN drug price control regime that, as ITIF has documented, is already inflicting tremendous damage on the U.S. biopharmaceutical innovation system. The Trump administration’s MFN price controls build on the previous administration’s price controls for Medicare Part D drugs introduced in 2022 through the Inflation Reduction Act (IRA).

Studies examining the IRA’s impact have found that since its drug-pricing framework (i.e., the proposed legislation) was first drafted in 2021, venture capital funding for small-molecule research and development (R&D) has fallen by nearly 70 percent. Other studies show that since the IRA’s enactment, the number of clinical trial starts for new, unapproved small-molecule medicines has fallen by 25 percent, while clinical trials for new uses of existing small-molecule medicines have fallen by 30 to 45 percent. Drug price controls weaken drug innovation, and by further entrenching the MFN regime through the threat of tariffs, the administration’s Section 232 pharma tariffs will inflict serious long-term damage on the ability of drug innovators worldwide to earn the returns needed to invest in the R&D required to produce the next generation of cures.

Furthermore, extending the tariffs to intermediate ingredients—such as active pharmaceutical ingredients (APIs) and other key starting materials—will amplify the harm. Manufacturers will face higher input costs at all stages of production, not just at the final point of sale, compounding cost pressures across the supply chain. Unlike tariffs on finished branded drugs, which primarily affect the price of the final product, new tariffs on APIs raise costs for all manufacturers that rely on those ingredients, including producers of medicines not themselves subject to the tariff. This approach risks creating supply chain disruptions and price pressures beyond the intended scope of the policy, particularly given that the production of certain critical ingredients is concentrated among a few suppliers.

Finally, U.S. drug manufacturers could be harmed if other nations respond by raising their tariffs to match these newly announced U.S. rates, thus harming exports of American drugs.

If the Trump administration seeks to increase drug manufacturing in the United States—a desirable goal—it should pursue this objective in ways that don’t unnecessarily harm American patients or long-term biopharmaceutical innovation. ITIF has highlighted a wide range of proactive policies that could achieve these aims without the harmful side effects of tariffs.

One approach to strengthen biopharmaceutical R&D and manufacturing while addressing systemic cost pressures would be to expand public-private partnerships that accelerate technological innovation. For example, the National Science Foundation (NSF) could increase support for university-industry research centers working on biopharma production technology and potentially establish new centers. Policymakers should also create an additional Manufacturing USA Institute alongside the National Institute for Innovation in Manufacturing Biopharmaceuticals (NIIMBL) to focus on manufacturing innovations for APIs and generic drugs.

The Trump administration’s Section 232 pharma tariffs will harm patients and both American and global drug innovators—a remedy far worse than the disease. These tariffs should be fully rescinded.

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Trump announces tariffs as high as 100% on pharmaceuticals

Exemptions include generic drugs and companies that have committed to building manufacturing plants in the United States.

President Donald Trump has announced a new pharmaceutical tariff that would impose as much as 100% on imported brand-name drugs. 

The executive order, announced Thursday, is to spur the production of pharmaceuticals in the United States. 

Exemptions are for generic drugs and companies that have already pledged to build manufacturing facilities in the United States. Pharma companies that lower prices would be subject to a 20% tax. 

“I have determined that it is necessary and appropriate to impose a 100 percent ad valorem duty rate on the import of patented pharmaceuticals and associated pharmaceutical ingredients …” Trump said in Thursday’s proclamation. “I have determined that it is necessary and appropriate that the ad valorem duty rate be 20 percent on imports of patented pharmaceuticals and associated pharmaceutical ingredients produced by companies that have plans, approved by the Secretary, to onshore production of such pharmaceuticals and pharmaceutical ingredients.”

The 20% rate will increase to 100% four years after the date of the proclamation, Trump said.

No tariffs would be imposed on imports of patented pharmaceuticals and associated pharmaceutical ingredients produced by companies that have fully executed agreements or are negotiating agreements with the Secretary and the Secretary of Health and Human Services regarding Most Favored Nation pricing and onshoring of production.

“Such agreements further United States economic and national security interests by making pharmaceuticals more accessible and affordable in the United States and by strengthening the domestic manufacturing base,” Trump said.

Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Stephen J. Ubl responded by statement: “Tariffs on cutting-edge medicines will increase costs and could jeopardize billions in U.S. investments announced in the last year. Every dollar spent on tariffs is a dollar that can’t be invested in communities across the country. 

“The innovative biopharmaceutical sector has a robust U.S. manufacturing footprint. In fact, two-thirds of the medicines that are consumed in the U.S. are made in America. And when innovative medicines or their inputs are sourced from other countries, these products overwhelmingly come from reliable U.S. allies, like Europe and Japan.”

Biopharmaceutical innovation has delivered $1.7 trillion in economic impact, supported 5 million American jobs and provided patients with the access to new medicines, he said.

Email the writer: [email protected]

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“Liberation Day” One Year Review: How Tariffs Handcuffed U.S. Farmers and Manufacturers – Publications

April 2, 2026, will mark the anniversary of President Donald Trump’s Liberation Day Tariffs. Here are three things that happened after Liberation Day tariffs were imposed:

➡️The trade deficit increased. The goal of Trump’s tariffs was spelled out in the title: Regulating Imports with a Reciprocal Tariff to Rectify Trade Practices that Contribute to Large and Persistent Annual United States Goods Trade Deficits. Trump’s executive order asserted that persistent goods trade deficits are a national emergency, and the Administration’s cure was to hike tariffs to the highest level since the 1930s.

The result? On March 25, the Bureau of Economic Analysis reported that the U.S. goods deficit increased to an all-time high in 2025.

➡️The manufacturing sector suffered. According to Trump’s Liberation Day executive order, “The decline of U.S. manufacturing capacity threatens the U.S. economy in other ways, including through the loss of manufacturing jobs.” Here’s what happened next:

Figure 2: Manufacturing Employment

➡️Farmers paid dearly. According to President Trump’s Liberation Day Fact Sheet, President Biden’s policies generated an all-time high agricultural trade deficit.  But data from the Foreign Agriculture Service show the ag trade deficit increased from $37 billion in 2024 to $41 billion in 2025.

• Tariffs hit farmers and ranchers with a double-whammy of lower exports and higher input prices. Under Liberation Day tariffs, U.S. agricultural exports declined and the 2025 agricultural trade deficit increased by 10.8%. From February to October 2025 alone, tariffs increased the cost of goods like farm machinery and agricultural chemicals by $958 million. 
• The failure of this tariff policy is reflected in a recent letter from the country’s leading farm organizations, which warns: “America’s farmers, ranchers, and growers are facing extreme economic pressures that threaten the long-term viability of the U.S. agriculture sector. An alarming number of farmers are financially underwater, farm bankruptcies continue to climb, and many farmers may have difficulty securing financing to grow their next crop.”

These results were entirely predictable. 

• There was no reason to expect Liberation Day tariffs to reduce the trade deficit. Tariffs reduce the growth of both imports and exports, with no definitive impact on the overall trade balance.
• Over half of U.S. imports in 2025 were industrial supplies or capital goods used to make things in the United States. Tariffs on those goods made it harder for U.S. manufacturers to afford the goods they need to survive and grow.
• During President Trump’s first term, the Department of Agriculture created the Market Facilitation Program to bail out farmers affected by the ramifications of Trump’s Section 301 tariffs—tariffs that were much smaller than Liberation Day tariffs. Now the government is considering even larger farm bailouts.

Federal officials should learn from their tariff mistakes.

Many factors other than tariffs influence the U.S. economy, and it would be a mistake to assign blame or credit to tariffs for everything that happened in 2025. However, the data should demonstrate to the Trump Administration that its measures of success are inherently flawed.

History shows that it’s easy to reduce the trade deficit: simply engineer a wealth-destroying recession. Trade deficits are not a cause for concern when they are driven by the desire of our trading partners to invest in a thriving U.S. economy or our ability to afford more imports. The Trump Administration and Congress should continue to focus on tax and regulatory reforms that strengthen our economy, regardless of their impact on the trade deficit.

History also shows that manufacturing job losses as a share of total employment should not be a cause for concern when they are driven by productivity improvements that create better jobs and boost manufacturing growth, as opposed to when they result from destructive federal economic polices—like taxing steel, aluminum, and other needed inputs.

One year after Liberation Day, the evidence is in: tariffs failed even by the Trump Administration’s own terms. They did not shrink the trade deficit, did not revitalize manufacturing, and did not help farmers. It would be a mistake to replace one set of failed tariffs with another.

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Trump’s tariffs are causing harm to American manufacturers instead of benefiting them

WASHINGTON (AP) — Jay Allen is a fan of President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.

READ MORE: Trump administration starts new process to try to replace tariffs struck down by Supreme Court

But the tariffs at the core of Trump’s economic agenda have wreaked havoc on his company, Allen Engineering Corp., which makes industrial equipment used to install, finish and pave concrete. The import taxes have raised the costs of engines, steel, gearboxes and clutches made abroad that Allen needs to build power trowels that can sell for up to $100,000 each.

Allen’s experience embodies a growing body of evidence that the tariffs that Trump said would help American factories are, in fact, squashing many of them. The problem could get worse as the administration scrambles to craft new tariffs to replace the emergency import taxes that the Supreme Court ruled illegal in February.

WATCH: Trump says tariffs could replace income tax

Allen said he ran his company at a loss in 2025 because of tariffs. His payroll has fallen to 140 workers from a peak of 205. To get by this year, he has hiked prices by 8% to 10%, even though that might mean fewer sales.

“What’s really sad is the unintended consequences of his tariffs are hurting manufacturing in our country,” said Allen. “Unfortunately, the working-class people are getting squeezed.”

Manufacturing jobs have declined during Trump’s first year back

Trump’s core rationale for tariffs has been that they would force more factories to open in the U.S. and would generate enough revenue to close federal budget deficits. But that hasn’t materialized.

Factories continue to shed workers, with 98,000 manufacturing jobs lost during Trump’s first full 12 months back in the White House. American companies that foot the bill for tariffs are now suing the Trump administration for more than $130 billion in tariff refunds. Meanwhile, the federal deficit is projected to climb over the next decade.

READ MORE: U.S. employers added just 73,000 jobs last month as labor market weakens in face of Trump trade wars

The White House maintains that construction spending is high, more workers are being hired to build factories, new investments are being made and labor productivity in manufacturing is increasing — which could eventually fuel a factory revival.

“It takes time to get production online, and therefore it will be some more time before we fully materialize the benefits of the president’s policies,” Pierre Yared, the acting chairman of the White House Council of Economic Advisers, said in an email.

Construction is up — but that’s due to Biden’s bill

Some of the bright spots in construction cited by the White House appear to be the result of programs launched by then-President Joe Biden, a Democrat.

Factory construction spending began to accelerate in 2022 with the anticipation of government support from Biden’s CHIPS and Science Act, which included big subsidies for computer chip plants. The law was a primary contributor to a historic surge in the annualized rate of construction spending on manufacturing facilities, said Skanda Amarnath, executive director of the economic policy group Employ America.

READ MORE: Trump’s tariffs could squeeze U.S. factories and raise costs by up to 4.5%, a new analysis finds

Construction spending on factories has slipped during Trump’s presidency, but the pace remains relatively high largely because of continuing work on Biden-era projects in Arizona, Texas and Idaho, Amarnath said.

Amarnath has also gone through the interviews regional Federal Reserve banks have held with businesses. Those comments show some companies might expand by taking advantage of Trump’s tax breaks on investments in equipment and new buildings.

But while the pharmaceutical drug sector might be expanding, the comments show no overall uptick in manufacturing because of Trump’s tariffs.

“You don’t get the sense that there is this new manufacturing renaissance underway,” Amarnath said.

Uncertainty in tariffs has deterred investments

Based on orders, proclamations and other statements, Trump has taken more than 50 actions on tariffs so far — and that tally doesn’t include the tariff threats he regularly makes on social media or in conversations with reporters but hasn’t formally put in place.

The flurry of announcements, reversals, exemptions and legal challenges — as well as Trump’s decision to bypass Congress to impose tariffs — has made it difficult for smaller manufacturing companies to plan.

For example, Allen Engineering imports its 75-horsepower diesel engines from Germany. Building them in the United States would require a $20 million investment — a huge risk if the status of the tariffs is unclear.

WATCH: Business owner who challenged Trump’s tariffs reacts to Supreme Court decision

Are engine-makers “going to spend that kind of money to move production from Germany to the U.S. when they don’t know what the landscape is going to be in three years?” Allen said. “I don’t know who is going to be in the White House, and what the stance is going to be on these tariffs.”

Joseph Steinberg, an economist at the University of Toronto, said research shows that under the best-case scenario “it would take a decade for manufacturing employment to rise above where it was before tariffs were enacted.”

But Steinberg said “the current situation is nothing like the ‘best case,'” since U.S. trade policy is unsettled and that leaves companies reluctant to expand.

Equipment makers have been hit hard by rising steel costs

About 98% of U.S. manufacturing establishments have fewer than 200 workers, according to Census Bureau data, and don’t have the kind of name-brand recognition or lobbying heft to minimize the damage from tariffs that big players like Apple, General Motors and Ford possess.

The Association of Equipment Manufacturers in February reported that America’s share of global manufacturing severely lags China’s. The group has urged tax credits to offset the expense of tariffs, and specifically called for tariff relief on raw materials, parts and components that cannot be acquired domestically at scale.

Steel tariffs have been a particular concern. Trump imposed them last March and hiked them to 50% in June. They were not affected by the Supreme Court decision.

READ MORE: Trump’s 50% tariffs on steel and aluminum go into effect. Here’s what to know

Trump has credited the tariffs with restoring profits at American steel mills. But they have hurt companies that use that steel, like Calder Brothers in South Carolina, which makes equipment to pave asphalt.

“The steel tariffs were the first thing that got my attention,” said Glen Calder, the company’s president. “My steel pricing jumped 25% two weeks before the tariffs went into effect for domestic steel. The market price just jumped. It has stayed elevated.”

Meanwhile, China’s trade surplus has grown

Part of Trump’s push to expand manufacturing was to help American companies compete against China — a country he plans to visit this spring for talks with its leader, Xi Jinping.

But the U.S. manufacturing trade imbalance rose last year under Trump instead of narrowing. Meanwhile, China’s trade surplus with the world climbed to a record $1.2 trillion.

WATCH: How China is responding to pressure from Trump as trade war brews

This trend exposes one of the big problems with Trump’s tariff strategy, said Lori Wallach, director of the Rethink Trade program at American Economic Liberties Project. She noted that he largely bypassed Congress and failed to address gaps in the World Trade Organization’s rules for the trade frameworks that he negotiated with other countries.

Instead of working with partners to ensure there were penalties for foreign manufacturers with abusive labor practices and unfair subsidies, Trump chose against rallying partners to counter China as a unified group. American manufacturers are at a disadvantage, Wallach argued, because there is not a coalition of nations that can impose penalties for currency manipulation, subsidies and schemes to evade tariffs.

“The general revulsion of this administration to international cooperation means they’re trying to do it alone,” Wallach said.

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