Survey: Trade Uncertainties Loom Over U.S. Manufacturers' Capital Investments

June 3, 2025--U.S. manufacturers expect capital spending will increase 0.3% over the next 12 months, based on the latest outlook survey by the National Association of Manufacturers (NAM), compared with 1.2% last quarter, as respondents continue to indicate tariffs and other "trade uncertainties" are their main business challenge. Meanwhile, 77% of the respondents said that trade uncertainties (e.g. actual or proposed tariffs, trade negotiations uncertainty) were their top business challenge, followed by increased raw material costs (66.1%). That compares with 76.2% and 62.3% of respondents, respectively, last quarter.