A new study from the Federal Reserve shows Donald Trump’s tariffs on imports led to higher prices for American consumers and job losses.
Trump told Americans his tariffs would boost the economy.
From The Hill:
“We find that tariff increases enacted in 2018 are associated with relative reductions in manufacturing employment and relative increases in producer prices,” the report by Fed economists Aaron Flaaen and Justin Pierce reads.
MarketWatch first reported the study, noting that 10 primary industries were hit by retaliatory tariffs and higher prices, including producers of magnetic and optical media, leather goods, aluminum sheet, iron and steel, motor vehicles, household appliances, sawmills, audio and video equipment, pesticide, and computer equipment.
In September of this year, U.S. consumers and businesses paid a record $7.1 billion in tariffs.
As a reminder:
Trump announced steel tariffs on 3/1/18 – US Steel stock price was $45.39/share on 3/2/18.
Today, US Steel stock price is $11.82/share. Steel workers are losing jobs.
— Jeff – Blue Tsunami in 2020 (@NewJeffCT) December 23, 2019
Minimum wage Employees are doing a little better but self employed farmers still going bankrupt at fastest rates since Great Depression thanks to Trump tariffs:( pic.twitter.com/g86DmmsDGe
— Donnie Dumb-Brat (@DonnieDumbBrat) December 27, 2019