The S&P Global US Manufacturing PMI stood at 50.2 in April 2025, unchanged from the previous month. It indicates only marginal expansion, as output declined for the second consecutive month despite a fourth month of growth in new orders, mainly driven by domestic demand. However, export orders have fallen sharply since November due to tariff-related pressures and expectations of retaliatory tariffs, significantly reducing export sales. As a result, business confidence dropped to its lowest level since June 2024. Additionally, both input costs and output prices surged, mainly due to tariffs, prompting firms to raise selling prices and reduce headcount to protect profit margins.