US manufacturing makes no sense if labor accepts lower wages or consumers accept higher prices. The US imports stuff because of cheap labor in other countries and/or other countries comparative advantage in resources.

Fed's Collins: US has limited experience with large scale tariffs

It will most likely drop significantly. Nikkei futures are down by almost 2%.

Federal Reserve issues FOMC statement

Rate cut seems to be based on overall economic weakness around the world which will eventually affect the US while also taking a cautious stand on further rate cuts as inflation could come back.

Federal Reserve issues FOMC statement