Howard Lutnick Says 'Tariffs Are Working,' Slams Critics After ISM Manufacturing Beats Expectations: 'The So-Called Experts Were Wrong'

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Feb 03

U.S. Commerce Secretary Howard Lutnick declared a major victory for the Donald Trump administration's trade agenda on Tuesday, pointing to a surprisingly strong rebound in factory activity as ...

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With the sector emerging from 26 straight months of contraction, Lutnick framed the report as a rebuttal to policy critics.\n“Tariffs are working as we said strengthening American manufacturing while reducing imports,” Lutnick wrote. “Once again, the so-called experts were wrong”.\nThe ISM report highlighted significant underlying strength in the sector. The New Orders Index jumped to 57.1%, an increase of 9.7 percentage points, while the Production Index climbed to 55.9%.\n“Three (New Orders, Production, and Supplier Deliveries) are in expansion territory, one more than in December,” noted Susan Spence, Chair of the ISM Manufacturing Business Survey Committee.\nWhile Lutnick touted a reduction in imports, the ISM data showed the Imports Index registering at 50.0%, indicating volumes remained “Unchanged” after contracting in December.\nMeanwhile, nine industries reported growth, led by Printing & Related Support Activities and Apparel, Leather & Allied Products.\nAfter the top U.S. indices closed mixed in the last week, the S&P 500, Nasdaq Composite, and Dow Jones indices rebounded on the first trading day of February.\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto courtesy: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}