Heading into 2025, the US manufacturing economy appeared to be exiting a period of ‘wait and see’. The US presidential election had been decided, inflation appeared to be coming down, and subsequent interest rate cuts were expected. Prior to President Trump’s tariffs, we were confident that US industrial automation markets would show moderate growth in 2025. However, it appears that the ‘wait and see’ period has been extended by Trump’s broad sweeping tariffs. What looked to be a recovery year for industrial automation suppliers following a down market in 2024 no longer looks certain.