The findings come as the US manufacturing sector remains mired in recession and a separate report says 2019 brought the most job cuts in four years.
Trump has levied tariffs on hundreds of billions of dollars worth of imports from Asia, Latin America and Europe. The president’s trade war with China led the nation to fire back with retaliatory tariffs, and while a phase-one dealThe Fed study, published December 23, explains how tariffs implemented in 2018 fueled job loss and increased input costs across US manufacturers.
The central bank noted that global supply chains also complicate the traditional utility of tariffs and other trade policy tools. The typical benefit of import protection fades away in today’s global economy, according to the Fed, since reduced competition and higher production costs present greater harm in the short term.
Trump won over factory-heavy states in 2016 by promising to revive the lagging sector, and claimed his tariffs would give manufacturers a leg-up against their foreign competitors. The Fed’s study counters the president’s pledge, noting that the tariffs haven’t provided assistance to the contracting industry.
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