My friend operates a small business. He received this note today from his main supplier, also a small business.

[ProfessorGAC]

31. No Doubt

I found this:

The average gross profit margin across all industries is 36.56%, while the average net profit margin is 8.54%.

Banks (particularly money centers) have the highest average profit margins of any industry at 100% gross and 30.89% net.

The auto and truck industry has the lowest average gross profit at 12.45%.

Real estate development has the lowest average net profit margin at -16.35%.

These are gross profit margins, so no overhead is yet absorbed.
Here's a list of gross & net margins by industry. I don't see any manufacturing segments where the 25% tariff isn't sucking a big portion or all of the gross margin.
https://www.venasolutions.com/blog/average-profit-margin-by-industry

BTW: I've always meant to ask you; what kind of bass do you play? I've got a 5 string Fender Jazz bass.