Author: Hanna Duggal, Marium Ali
Published on: 08/07/2025 | 00:00:00
AI Summary:
Trump announced tariffs on 14 countries on Monday, ranging from 25 to 40 percent. The targeted countries include close US allies like Japan and South Korea. Trump is expected to announce the imposition of new levies on many more countries. Trump announced a $14bn investment on May 30, brokering a partnership between US Steel and Nippon Steel tipped to create 70,000 jobs. The Trump administration has also highlighted investments announced by automakers, tech firms and chocolate companies as evidence of the return of manufacturing to US soil. Finance, insurance, real estate, rental and leasing value added as a percentage of GDP was 21 percent in 2024, followed by professional and business services (13 percent) and government (11 percent). US manufacturing falls for a fourth month The Institute for Supply Management (ISM) Manufacturing Index (PMI) measures the change in production levels across the economy from month to month. In June, it registered 49 percent, marking a fourth consecutive month of contraction. At the start of 2025, the PMI was in expansion territory – 50.9 percent in January and 50.3 percent in February, before slipping below 50 in March. In June 2025 there were 12.75 million people employed in the manufacturing sector in the US.
Original: 852 words
Summary: 203 words
Percent reduction: 76.17%
I'm a bot and I'm open source