Soaring Industrial Shares Face Headwinds From Trump Trade Policy
Caterpillar Inc. machinery for sale at a dealership in Poughkeepsie, New York.
Photographer: Angus Mordant/BloombergEarnings reports from some of the largest US manufacturers and transportation companies this week drove home how President Donald Trump’s policies on trade and energy are putting a squeeze on the sector’s profits.
Caterpillar Inc, which imports raw materials and parts for construction equipment, said it expects the president’s levies to cost about $2.6 billion this year. Railroad Norfolk Southern Corp. said trade policy is eroding demand for some of its business lines, and shipping giant United Parcel Service Inc. said trade flows are shifting in a way that’s pressuring margins.