U.S. factory activity contracted for a third straight month in May, and growth in overall U.S. private construction spending on manufacturing has flatlined from the boom seen under the Biden administration.

“Increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles,” according to the directive, which the White House posted on X.

Companies must decide whether to issue now, when rates are higher but tariffs are paused, or wait until autumn, when rates are expected to fall but tariffs may have kicked in.