Tallying the two channels of job losses from tariffs
Tariffs are often pitched as a way to bring factory jobs back home—but the math doesn’t hold up. New analysis suggests that current and proposed U.S. tariffs on Chinese goods could cost up to 3.4 million American jobs. Why? Because most trade today isn’t in finished goods—it’s in parts. So when tariffs raise the cost of inputs, U.S. manufacturers struggle. Add in foreign retaliation, especially in export-heavy regions like the Midwest, and the picture gets worse. The takeaway: protectionism may sound strong, but it rarely ends in strength for workers. Michael E. Waugh, Jeff Horwich with Federal Reserve Bank of Minneapolis have today’s lesson in foreign trade economics.
MinotVoice
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