Majority of manufacturers say tariffs have boosted their costs and will mean higher prices

A majority of manufacturers in the New York area claim that the Trump administration’s tariffs have boosted input costs and selling prices for local businesses, according to a new report that suggests that businesses are feeling pressure from the looming trade war.

“Roughly two-thirds of manufacturing respondents indicated that tariffs have already had at least some upward effect on their overall input costs, and more than 70 percent anticipate that changes in trade policy will push up input costs in 2018 and 2019,” the Federal Reserve Bank of New York reported Thursday, based on the results of a new survey.