Tariffs cancel AI manufacturing gains

Nominal increases in manufacturing shipments tied to AI‑related demand can be erased once you adjust for producer prices; tariffs and price effects are acting as a policy-level offset to any underlying demand boom. Smith shows industrial production and inflation‑adjusted gross manufacturing output remain essentially flat despite headlines about a 'stealth' revival. — This reframes policy debates by showing that trade measures (tariffs) can neutralize sectoral demand shocks, so claims of a manufacturing comeback should be tested with real, price‑adjusted metrics before informing policy.