WASHINGTON, November 1, 2019 – Americans for Free Trade, a coalition of more than 150 associations from every sector of the economy that are united in the fight against tariffs, released the following statement from spokesperson Jonathan Gold on the latest Institute for Supply Management’s closely watched manufacturing index report. In response to today’s report, ISM Chairman Timothy Fiore stated, “Global trade remains the most significant cross-industry issue.”
“We’ve seen yet another troubling manufacturing report, making it clear the trade war is damaging the industry – and breaking President Trump’s promise to restore the manufacturing industry. Today’s news makes it more important than ever that the administration quickly finalize the Phase One deal with China, and then immediately begin to work toward a final deal that ends the trade war and removes all tariffs.”
BACKGROUND
In September, Manufacturing Declines For Second Month In A Row To Lowest Level In Ten Years. “In the surest sign yet that the trade war is hurting the American economy, manufacturing activity contracted for the second month in a row in September, falling to a level not seen in 10 years.” (Anneken Tappe, “America’s factories just suffered their worst month in a decade,” CNN Business, 10/01/19)
“The U.S. Manufacturing Purchasing Managers’ Index From The Institute For Supply Management Came In At 47.8% In September, The Lowest Since June 2009, Marking The Second Consecutive Month Of Contraction.” (Yun Li, “US manufacturing survey shows worst reading in a decade,” CNBC, 10/1/19)
“The New Export Orders Index Was Only 41%, The Lowest Level Since March 2009, Down From The August Reading Of 43.3%, ISM Data Showed.” (Yun Li, “US manufacturing survey shows worst reading in a decade,” CNBC, 10/1/19)
Manufacturing Exports Have “Plummeted” Due To Trade War. “A survey of manufacturers on Tuesday showed a measure of export orders received by factories plummeted in August to the lowest level since April 2009.” (Lucia Mutikani, “U.S. trade deficit shrinks, gap with China remains elevated,” Reuters, 9/4/19)
Then Candidate Trump Made “A Pledge To Restore Manufacturing In The United States.” “’My plan includes a pledge to restore manufacturing in the United States,’ Trump said in a campaign rally in Detroit, Mich., on Oct. 31, 2016.” (Manuela Tobias, “Upticks in manufacturing employment, little policy progress,” PolitiFact, 12/27/17)
###