Forging and Stamping NAICS 3321

Feb 21, 2026 - US Manufacturing in Retreat

• US manufacturing firms are facing a deepening slowdown despite promises of a renewed industrial boom from the Trump administration, The Wall Street Journal reported in February. Employment declined for eight consecutive months following the introduction of new tariffs, contributing to more than 200,000 lost manufacturing jobs since 2023. Factory activity has contracted for over two years, and manufacturing construction, previously boosted by federal incentives for chips and clean energy, also declined throughout Trump’s first nine months in office. For manufacturers, tariffs are raising input costs on steel, aluminum, and imported components, forcing firms to raise prices, delay investments, or source tariffs‑hit materials from abroad when domestic supply falls short. Frequent tariff threats and uncertainty over potential Supreme Court rulings have created what executives describe as a “lost year” for capital planning. Moreover, global oversupply, especially from China, continues to depress prices, squeezing competitiveness.
• Tariffs on steel and aluminum imports to the US have a direct impact on small fabricators’ cost structures, bidding strategies, and overall competitiveness, according to Exiil, a provider of software to metal manufacturers. In March, President Trump raised steel and aluminum import tariffs to the US by 25% -- and then again to 50% -- ending all country exemptions, in addition to hiking tariffs on China, according to Reuters. Russian aluminum imports carry a tariff of 200%. Beyond raw metal, the US has increasingly added “downstream” or “derivative” products – such as stamped parts, fasteners, tubing, wire, or other items with high steel/aluminum content – to existing Section 232 tariffs. As a result, fabricators face higher materials costs. Even companies that source metals domestically are likely to pay more for metal as US mills often raise their prices when foreign competitors’ costs go up – because the “floor” of the market shifts.

• Metal stamping is among the industries likely to be most impacted by President Trump’s 50% tariff on steel and aluminum imports. An International Trade Commission report on the impact of the 2018 Trump tariffs, which ranked industries by their dependence on steel and aluminum, found that motor vehicle metal stamping uses the most steel (58%). Reacting to Trump’s announcement, the Coalition of American Metal Manufacturers and Users (CAMMU) said in a statement: “Re-imposing 25% tariffs on steel and aluminum imports from our allies and without a workable exclusion process puts US manufacturers directly in harm’s way.” It noted that under Section 232 tariffs already in effect US manufacturers are paying significantly more for steel and aluminum than their global competitors, undermining their ability to compete. The statement says small and medium-sized businesses are particularly vulnerable to losing contracts to overseas rivals with unrestricted access to these essential inputs.
• Producer prices for forging and stamping companies rose 3% in November compared to a year ago after falling 1% in the previous November-versus-November annual comparison, according to the latest US Bureau of Labor Statistics data. Industry producer prices had been trending downward since peaking in May 2022, but began rebounding in 2025 and remain high by historical standards. Employment by the industry was flat year over year in November, while the average industry wage at forging and stamping firms continued its upward march, jumping 10.4% over the same period to a new high of $28.03, BLS data show.