PMA Business Conditions Report: Hopeful Section 232 Tariffs Can Be Terminated
October 19, 2021Comments
Metal forming companies continue to anticipate that business conditions will be challenging during the next three months, according to the October 2021 Precision Metalforming Association (PMA) Business Conditions Report. The report shows that, for the third straight month, a growing number of respondents predict a drop in economic activity, with 25 percent of metal forming companies forecasting a decline in activity in the next three months (up from 18 percent in September), while 27 percent expect an increase in activity (compared to 26 percent in September).
Fifty-eight percent of respondents report an increase in lead times, down from 61 percent in September.
“The October PMA Business Conditions Report reinforces what members have been telling me regarding their ability to source needed raw materials and other supply-chain challenges,” says PMA President David Klotz. “In addition, the ongoing chip shortage affecting the auto industry is impacting our members who supply that sector. To get more steel and aluminum supply into the market, we are hopeful that a deal is reached this month between the United States and the European Union that terminates the damaging Section 232 steel and aluminum tariffs. We do not support any kind of quota system, including a tariff-rate quota, which would simply create more chaos in the market.”
See also: Precision Metalforming Association
Technologies: Management
