The Trump Tariffs: The Impact on US Jobs
How will Unites States citizens fare under the Trump tariffs? Commerce Secretary Wilbur Ross says the tariffs will have negligible effects on the economy as a whole. But many US workers will lose their jobs when their employers find it impossible to buy specialized steel and aluminum to manufacture auto parts and machinery at inflated prices.
A study from the conservative Heritage Foundation found that manufacturers that consume steel employ 6.9 million Americans and that the construction industries support another 10.1 million jobs. Both of these industries would be hurt by higher steel and aluminum prices.
A new report found that the net job losses caused by the tariffs will be 146,000 jobs. That’s more than the total number of people employed by the entire steel industry. The calculation: jobs in steel and aluminum would increase by 33,464 jobs as a result of the tariffs, but at the expense of 179,334 other jobs.