Will Clawing Back Tariffs Cut into Manufacturing Jobs?
Published . Updated .
Key takeaways
- Getty Images Incoming Congressional Democrats have suggested they'll go after one of President Trump's preferred trade tools, writ large.
- Exposed: CAT, XLI, XRT, DE, WMT
- Market reaction: CAT −3.6% on the day (still updating); XLI −0.6% on the day (still updating); NKE −3.0% on the day (still updating)
Market Call
Think this story will push the stock up or down over the next three trading days? Make a free call and see what other readers think. Points are play money with no cash value.
Get these market calls by email
The week's biggest market-moving stories, Congress trades and Trump posts, with the tickers they touch. Free, one email a week.
Free. We only use your email to send the digest, never sell or share it, and every email has a one-click unsubscribe link. See our privacy policy.
Getty Images Incoming Congressional Democrats have suggested they'll go after one of President Trump's preferred trade tools, writ large. It’s been roughly a week since the federal midterm elections returned sweeping wins for Congressional Democrats and, as the old saying goes
Directly affected
- No company is named in this report.
Indirectly affected
- XLI Industrial Select Sector SPDR-0.3% 30d
Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.
- XRT SPDR S&P Retail ETF
SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.
- CAT Caterpillar-27.6% 30d
Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
- DE Deere+0.6% 30d
Deere (farm machinery and equipment): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
- WMT Walmart+20.2% 30d
Walmart (variety stores): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
- NKE Nike+10.7% 30d
Nike (rubber and plastics footwear): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| XLI | +1.48% | -3.77% | base | -0.62% | after close | after close | after close |
| XRT | -4.28% | -1.83% | base | -1.03% | after close | after close | after close |
| CAT | +4.19% | -7.56% | base | -3.57% | after close | after close | after close |
| DE | -3.64% | -3.98% | base | -1.73% | after close | after close | after close |
| WMT | -0.64% | +1.67% | base | -0.15% | after close | after close | after close |
| NKE | -3.52% | -0.80% | base | -3.05% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Will Clawing Back Tariffs Cut into Manufacturing Jobs? Alliance for American Manufacturing
Caterpillar (CAT) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| Caterpillar (CAT) | that day | -3.57% | still updating |
| Caterpillar (CAT) | three days earlier | -7.56% | final price |
| Caterpillar (CAT) | five days earlier | +4.19% | final price |
| Deere (DE) | that day | -1.73% | still updating |
| Deere (DE) | three days earlier | -3.98% | final price |
| Deere (DE) | five days earlier | -3.64% | final price |
| Nike (NKE) | that day | -3.05% | still updating |
| Nike (NKE) | three days earlier | -0.80% | final price |
| Nike (NKE) | five days earlier | -3.52% | final price |
| Walmart (WMT) | that day | -0.15% | still updating |
| Walmart (WMT) | three days earlier | +1.67% | final price |
| Walmart (WMT) | five days earlier | -0.64% | final price |
| Select Sector Spdr Tr (XLI) | that day | -0.62% | still updating |
| Select Sector Spdr Tr (XLI) | three days earlier | -3.77% | final price |
| Select Sector Spdr Tr (XLI) | five days earlier | +1.48% | final price |
| Spdr Series Trust (XRT) | that day | -1.03% | still updating |
| Spdr Series Trust (XRT) | three days earlier | -1.83% | final price |
| Spdr Series Trust (XRT) | five days earlier | -4.28% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Lisa McClain bought Caterpillar (CAT) (held by a spouse), worth $1,001 - $15,000 on 28 Sep 2026. That is 43 days before publication. Filed 12 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Walmart (WMT) (held by a dependent child), worth $15,001 - $50,000 on 13 Oct 2026. That is 28 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna sold Walmart (WMT) (held by a spouse), worth $1,001 - $15,000 on 7 Oct 2026. That is 34 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Pete Sessions sold Walmart (WMT) (held by a spouse), worth $50,001 - $100,000 on 2 Oct 2026. That is 39 days before publication. Filed 27 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Nike (NKE), worth $15,001 - $50,000 on 28 Aug 2026. That is 74 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Gilbert Cisneros sold Nike (NKE), worth $15,001 - $50,000 on 27 Aug 2026. That is 75 days before publication. Filed 10 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, sold Nike (NKE), worth $100,001 - $250,000 on 21 Aug 2026. That is 81 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who is named in “Will Clawing Back Tariffs Cut into Manufacturing Jobs?”
Companies carried with this story
- CAT Caterpillar
Caterpillar (CAT) is linked, with no stored direction, medium confidence in the 10 Nov 2026 story “Will Clawing Back Tariffs Cut into Manufacturing Jobs?.” Reason on file: Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- XLI Select Sector Spdr Tr
For “Will Clawing Back Tariffs Cut into Manufacturing Jobs?,” Select Sector Spdr Tr (XLI) is linked, with no stored direction, medium confidence. Reason on file: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
- XRT Spdr Series Trust
For “Will Clawing Back Tariffs Cut into Manufacturing Jobs?,” Spdr Series Trust (XRT) is linked, with no stored direction, medium confidence. Reason on file: SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
- DE Deere
For “Will Clawing Back Tariffs Cut into Manufacturing Jobs?,” Deere (DE) is linked, with no stored direction, medium confidence. Reason on file: Deere (farm machinery and equipment): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- WMT Walmart
For “Will Clawing Back Tariffs Cut into Manufacturing Jobs?,” Walmart (WMT) is linked, with no stored direction, medium confidence. Reason on file: Walmart (variety stores): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- NKE Nike
For “Will Clawing Back Tariffs Cut into Manufacturing Jobs?,” Nike (NKE) is linked, with no stored direction, medium confidence. Reason on file: Nike (rubber and plastics footwear): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
How “Will Clawing Back Tariffs Cut into Manufacturing Jobs?” reaches Caterpillar (CAT)
On 10 Nov 2026, “Will Clawing Back Tariffs Cut into Manufacturing Jobs?” is the story that connects Caterpillar (CAT) to this story.
Caterpillar (CAT) is on the page because Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
Select Sector Spdr Tr (XLI) is here too. Its reason reads: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
The price range for Caterpillar (CAT), and the dates in the story
CAT traded between 550.88 and 792.09 across 20 sessions. The latest close on file is 598.71. XLI traded between 163.00 and 172.33 across 20 sessions. The latest close on file is 169.73.
How solid “Will Clawing Back Tariffs Cut into Manufacturing Jobs?” looks
46 out of 100Price not final
“Will Clawing Back Tariffs Cut into Manufacturing Jobs?” scores 46 out of 100. The score uses 1 sources, and 6 linked companies. The price is not final yet.