Trump's tariff chaos, and how to manage through it: Machinery Minutes

Key points from this episode of the Machinery Minutes podcast:

• A survey of PMM readers found processors and equipment suppliers are unhappy and are at a loss as to how to deal with the constantly changing tariff landscape. Orders are slowing down and processors are postponing equipment purchases. Read the summary story or listen to our podcast commentary. 
• It may seem like chaos in the business world, but you still have to pull up your big-boy pants and manage through it. We can help, with our story about dealing with chaos and even finding new opportunities. 
• Progressive Components’ Spring Cups are our new product of the week, enabling safer and faster installation of spring-loaded ejector systems in molds.

Transcript

Hello, welcome to PMM Insight, a Plastics Machinery & Manufacturing podcast. I am your host, Ron Shinn, editor of PMM.  

This is an episode of Machinery Minutes, where at the beginning of each week I share with you three things you need to know in about three minutes. You can read the complete stories on plasticsmachinerymanufacturing.com.  

Let’s get started. 

Story Number 1: PMM has put a plastics industry face on President Trump’s trade policies, and it is definitely not a smiley face. 

A just completed survey found processors and equipment suppliers are unhappy and are at a loss as to how to deal with these unexpected new tariffs. 

Some 75 percent of respondents to the online survey said the tariffs will negatively impact their business, compared with just 18 percent who said tariffs would help. 

A big concern is that processors are seeing orders slow down. A huge 85 percent said their customers are already delaying orders. 

And it should come as no surprise that 61 percent of processors are postponing their own orders for new equipment. 

It is a dismal picture and the new trade policies come on top of an already slumping plastics industry. 

You can read the full story on the PMM website. Headline is “Poll: Tariff chaos is hurting plastics processors.” You can also listen to my podcast, titled “PMM Insight: Are tariffs helping or hurting processors?” 

Number 2: It may seem like chaos in the business world, but you still have to pull up your big-boy pants and manage through it. We can help. 

Senior staff reporter Karen Hanna posted a great story about dealing with chaos and even finding new opportunities.  

Experts advise business leaders to avoid panic-driven decisions when reassessing supply chains, costs and pricing strategies. Instead, map supply chains, communicate with stakeholders and plan based on informed beliefs. 

Rebecca Homkes, who teaches at the London Business School and Duke Corporate Education, said there are two potential pitfalls in leading amidst rapid change:  

“Trap 1 is just plow ahead and say, ‘Yes, it’s chaotic, but I’ve got a plan. I’m going to implement my plan no matter what.’ I call that delusion,” she told Hanna. “Trap 2 is just as much of a trap, and that’s paralysis. ... We say, ‘Well, let’s not make any decisions in Q1, let’s wait until Q3, when — my favorite line — ‘the Trump administration has settled down.’ Like there’s going to be a date when that happens.”  

Leaders can table decisions, but they can’t put on hold the need for leadership. Some other company might capitalize in the midst of their indecision.  

This is a timely story and I hope you will read it. Headline is “How to manage your business through chaos.” 

Number 3: Ejector system Spring Cups from Progressive Components are our new product this week.  

The Spring Cups allow for all ejection components to be installed first, before the ejector springs are installed, so technicians can dry cycle the injector system to verify they have assembled components correctly.  

The benefits are a safer and faster installation of spring-loaded ejector system.  

The story is headlined “Progressive Components’ Spring Cups make mold assembly safer.” 

Those are my Top 3 items for this week. We have a new list every Monday.  

I hope you have enjoyed this episode of Machinery Minutes. You can always find our podcasts and the latest information about the worldwide plastics industry on our website, www.plasticsmachinerymanufacturing.com and on social media.  

Remember to subscribe to the PMM Insight podcast on your favorite podcast app and tell a friend or colleague if you think they would enjoy the show. This podcast was produced by Plastics Machinery & Manufacturing, an Endeavor Business Media brand.