Donald Trump likes to gloat about “the numbers” when arguing his presidency. But the numbers are not on his side. According to MarketWatch, a new study shows that Trump’s import tariffs backfired and led to job losses and higher price.
“We find that the 2018 tariffs are associated with relative reductions in manufacturing employment and relative increases in producer prices,” concluded Fed economists Aaron Flaaen and Justin Pierce, in an academic paper.
“While the longer-term effects of the tariffs may differ from those that we estimate here, the results indicate that the tariffs, thus far, have not led to increased activity in the U.S. manufacturing sector,” the paper added.
The study found that the top ten industries affected by Trump’s tariffs were: aluminum sheet, steel product, boilers, forging, primary aluminum production, secondary aluminum smelting, architectural metals, transportation equipment, general purpose machinery, and household appliances.