Dallas Fed respondents do not like tariffs: The tariff discussion is driving significant uncertainty and a negative outlook. Project costs are increasing immediately, with significant rises in equipment and piping costs (Chemical mfg) Tariffs and the economy may be a drag on business (Computer, electronic product mfg). Tariffs are a constant and increasing source of uncertainty. We do not know what prices we will have to pay for components, and we do not know how customers will respond to increases strictly related to tariffs. Also, it is unknown how the market will change in response to the tariffs and higher costs. We know we will lose opportunities to build products used for other countries because we already have, but will tariffs bring new opportunities from foreign companies wanting to build in the U.S.? That remains to be seen, but the known risk currently seems to outweigh the unknown opportunity (Computer, electronic product mfg). Trump, tariffs, massive uncertainty—how can you do business planning with all of this uncertainty and the daily changes in direction made by the Trump administration? (Computer, electronic product mfg). The cyclical recovery looks like it is continuing. There is lots of noise and uncertainty with tariffs and rumors of trade restrictions (Computer, electronic product mfg). DOGE [Department of Government Efficiency] and government-induced disruption in the supply chain [are issues affecting our business] (Food mfg). Our biggest concern is import taxes and the increase in price that it causes (Food mfg). Tariffs [are an issue affecting our business] (Miscellaneous mfg). Raw materials metals prices are surging. Continued uncertainty due to Trump tariffs and chaotic economic and immigration policy is putting downward expectations for sales beyond March 2025. Forty-six percent of our sales are in automotive OEM [original equipment manufacturer], and of that, most parts are shipped to Mexico for further assembly. If tariffs remain in place for a prolonged period of time, the automotive part of our business may dwindle further (Miscellaneous mfg). Tariffs! We need to make decisions, but the ball is constantly moving. This is truly ridiculous. I have been in business for 50 years as of next year, and never have I seen such uncertainty in the market. It is very difficult to plan and make decisions (Nonmetallic mineral product manufacturing). The craziness over tariffs is very painful as I'm confident this is a reason for a general malaise we are sensing in our customers. If not for some specific work we do this time of year, we would be stupid slow and in stark contrast to where we were 12 months ago. I'm very worried about what the next six to 12 months will look like, especially if these goofy tariffs become a reality (Printing and related support activities). Uncertainty due to tariffs is the wild card. Imports from Mexico and Canada are vital to the business and the industry. U.S. suppliers cannot supply quantities required. The tariffs are definitely inflationary (Printing and related support activities). The tariffs will loom large on our market demand. The commercial vehicle industry is still in a freight recession, which drives our overall demand (Transportation equipment manufacturing).