(Ernie Goss - Photo Courtesy of Monique Devillier with Goss & Associates)Iowa (RI) — Tariffs are taking a toll on profits across the Midwest, according to a monthly survey of supply managers in Iowa and eight neighboring states.
Creighton University economist Ernie Goss says nearly 42% of respondents reported tariffs are having a negative impact on their businesses, while almost one-third said they are passing those costs on to customers.
Goss says economic growth across the region has remained stagnant, even as retailers enter what is typically one of the busiest shopping seasons of the year.
The survey also found that 58% of supply managers believe the conflict involving Iran has made supply chains less reliable. Goss says that’s reflected in the faltering Gross Domestic Product.
With gasoline, diesel, and other consumer costs remaining elevated, Goss says the financial strain is affecting all Iowans.
According to the International Trade Administration, Iowa exports of manufactured goods during the first seven months of the year were down more than $254 million compared with the same period last year. State manufacturing exports fell by $760 million compared with the same period in 2024.
