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• Foreigners Producers Are Bearing the Cost: After Liberation Day, according to a Bank of England study (https://bankunderground.co.uk/2026/01/22/monitoring-trade-prices-in-the-wake-of-trade-tensions/) , the average price of exports to the U.S. fell, but the average price of exports to other countries did not. This is one indication that foreigners are ultimately paying for a share of the tariffs by lowering export prices.
• Securing Fair, America First Trade Deals: The Trump Administration has secured more than 20 new trade agreements with major partners including the EU, Japan, India, Vietnam, and Argentina.
+ These deals cover over half of global GDP, tear down non-tariff barriers, and open new markets for U.S. agriculture, energy, and industrial goods, with partners like Japan and the EU aligning with U.S. auto standards.
• Driving a Resurgence in American Manufacturing: Trillions in private and foreign investments are fueling a historic reshoring of American industry, bring jobs, production, and supply chains back home.
+ Investments span sectors and companies across the economy — from Apple to Toyota to Sharpie to Micron to Pfizer.
+ Shipments of core capital goods (https://fred.stlouisfed.org/series/ANXAVS) —a leading indicator of new industrial capacity—reached new record highs in 2025. Capital goods imports as a share of all goods imports are at an all-time record high.
• Manufacturing Activity is Rebounding: In January 2026 (https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/pmi/january/) , a leading indicator based on surveys of U.S. manufacturers signaled that factory activity expanded for the first time in over two years. This trend has continued in February (http://www.ismrob.org) and March (https://www.reuters.com/business/us-manufacturing-sector-grows-march-supplier-delivery-performance-deteriorates-2026-04-01/) .  These are the highest readings since August 2022.
+ The industrial production index (https://fred.stlouisfed.org/series/INDPRO) is at its highest level since 2019, and has been on an upward trend since President Trump was elected in November 2024.
+ In 2025, the United States surpassed (https://worldsteel.org/) Japan in crude steel production for the first time since 1999, becoming the world’s third-largest steel producer behind China and India.
+ Manufacturing productivity registered its biggest annual increase in 2025 in nearly two decades.
• American Workers Are Benefiting: Private sector workers have seen strong real wage gains of more than $1,400 in just one year, decisively beating inflation. Blue-collar workers have benefited the most, with manufacturing wages up $1,800, construction wages up $3,000, and mining and logging wages up $1,900.
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