Are Trump tariffs finally showing their impact? U.S. business growth slows sharply in September: manufacturing falters, services stall as Trump-era tariffs bite prices and demand

U.S. business activity slowed in September 2025, with both manufacturing and services showing weaker growth. Tariffs imposed under the Trump administration continue to drive up input costs for many firms. For instance, a report noted a U.S. factory spending over $100,000 more monthly due to tariffs on imports, impacting their operations and reducing their ability to invest and grow.