Snap-on Falls as Tariff Reality Overshadows Made-in-USA Pitch

Toolmaker Snap-on Inc. fell the most in more than a year after its made-in-America messaging was overshadowed by a tariff-driven sales slump, illustrating how even firms with diversified supply chains are being hurt by proposed levies.

The Kenosha, Wisconsin-based firm’s shares dropped 8% on Thursday after it reported its worst quarterly organic sales and profit since 2020. Big-ticket orders were hardest hit, with originations in its financial services unit down 10.9%.

The company’s attempt to play up its domestic manufacturing largely fell on deaf ears. “Made in America” or USA were mentioned 20 times on Snap-on’s earnings call, the most ...