Seventy-five percent of respondents in the goods-producing sector, which includes agriculture, forestry, fishing, mining, construction and manufacturing, reported negative tariff impacts on their firms, according to the survey conducted by the National Association for Business Economics (NABE) from April 1-10.
Among the respondents in the goods producing sector, 67 percent reported higher costs, 50 percent reported higher selling prices and 42 percent reported a negative impact on sales, the survey showed.
"A year after the U.S. first imposed new tariffs on its trading partners in 2018, the recent tariffs have negatively affected more than one-fourth of respondents' firms," NABE President Kevin Swift said in a statement. "
The net impact of tariffs on American companies is not positive, and the negative impacts are especially noted within the goods-producing sector," he said, adding the firms had made changes in sourcing, supply chains or other practices in response to trade concerns.
The survey result came about one year after the Trump administration imposed punitive tariffs on imported steel and aluminum in late March, 2018, which prompted retaliatory tariffs on American exports from major trading partners.
The survey also showed that 53 percent of respondents expected U.S. real gross domestic product (GDP) to rise by more than 2 percent over the next four quarters, compared to 67 percent of respondents in the January survey.
Meanwhile, 52 percent of survey respondents reported shortages of skilled labor at their firms, up from the 45 percent who reported shortages a year ago, indicating possible signs of wage pressures.