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We need to lose 75k jobs building machines to bring back 1000 in a steel plant
| ,.,.,.,.,.,.,.,.,.,..,., | 04/05/25 |
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Date: April 5th, 2025 2:21 PM Author: ,.,.,.,.,.,.,.,.,.,..,., In 2018, Trump imposed a 25% tariff on steel and a 10% tariff on aluminum imports in an effort to give U.S. steel producers a leg up and stop job losses in that industry. He later granted exemptions to allied countries, including Canada and Mexico.
Those tariffs had a mixed effect.
U.S. steel manufacturers added about 1,000 new jobs as foreign-made steel suddenly got more expensive, making U.S.-made steel more competitive, according to a 2020 analysis by economists at Harvard and the University of California, Davis.
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The researchers broke down figures from a 2019 study by researchers at Columbia University, the Federal Reserve Bank of New York, and Princeton University.
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Unfortunately for the U.S. economy, there are many more industries that use steel than make it. Companies making auto parts, motorcycles, household appliances, various kinds of machinery, batteries, and military vehicles suddenly had their costs increase.
As a result, by 2019, those companies had hired 75,000 fewer people than they would have without the tariffs, the researchers calculated.
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