How Trump’s Metal Tariffs Could Eliminate 75x More US Jobs Than They Save | Global News Avenue

President Donald Trump’s tariffs on steel and aluminum announced this week that could promote job creation for companies that make these metals but could result in losses in companies using them, if history is any guide .

trump card 25% tariff Imported steel and aluminum on Monday. Instead of granting any exemptions to allies, he raised his controversial campaign, which imposed tariffs on trading partners.

So, how will this affect the economy? Past tariff experience may provide some clues.

Metal tariffs in 2018 may be a guide

In 2018, Trump imposed a 25% tariff on steel and a 10% tariff on aluminum imports to provide footsteps for our steel producers and stop unemployment in the industry. Later, he granted exemptions to allies, including Canada and Mexico.

The impact of these tariffs varies.

According to a 2020 analysis by Harvard University and the University of California Davis, U.S. steel manufacturers added about 1,000 new jobs as foreign-made steel suddenly becomes more expensive, making the steel we make more competitive. Researchers broke data from researchers at Columbia University, the Federal Reserve Bank of New York and Princeton University in 2019.

Unfortunately, for the U.S. economy, there are more industries using steel than they can be achieved. Companies that manufacture auto parts, motorcycles, household appliances, various machinery, batteries and military vehicles suddenly increased their costs.

As a result, by 2019, the companies hired 75,000 fewer people than those without tariffs.

In other words, more metal tariffs could hurt the U.S. much more workload than savings.

“The 2018 steel tariffs just called on you to remind you that steel is produced by a small piece of economic flake but is used as an input to a wider manufacturer,” said Justin Wolfers, an economist at the University of Michigan. Posted on x. .