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U.S. Manufacturers Boost Capex Expectations, but Tariffs Remain a Business Challenge



December 19, 2025–Written by Danny Levin, Deputy Editor for Industrial Info Resources (Sugar Land, Texas)–U.S. manufacturers’ capital-spending expectations are up from last quarter, according to a quarterly survey by the National Association of Manufacturers (NAM), but respondents continue to indicate tariffs are impacting their operations.



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