How manufacturers can maximize the benefits and steer clear of the drawbacks.

India said that it is already suffering from the tariffs as unlike the EU, Canada, Mexico and others, it has not been granted a provisional exemption.

Treasury Secretary Steven Mnuchin declares a ceasefire: “We’re putting the trade war on hold.”

Efficiency gains create a first-level shield against rising costs and the fallout from a trade war.

Areas of difference include a U.S. proposal to open Canada’s dairy market and establish seasonal barriers for Mexican agricultural exports; efforts to get Mexico and Canada to raise the threshold at which duties are applied to goods imported from...

Boeing said the victory secured on its behalf by the U.S. trade office could see the EU slapped with "the largest-ever WTO authorization of retaliatory tariffs."

The industry backlash against the planned tariffs comes amid signs the president may be seeking a less confrontational approach to Beijing.

U.S. manufacturers are benefiting from currency valuations that make U.S. exports more competitive overseas, but two countervailing factors could disturb the current equilibrium.

"We have about 90% of our manufacturing here in the U.S.," said Muilenberg. "We sell about 70% of our products outside the U.S."

“It is amazing to watch a country that is the world’s most protectionist, mercantilist economy position itself as the self-proclaimed defender of free trade and the global trading system,” Deputy U.S. Trade Representative Dennis Shea said.