President Trump’s tariffs on imports — meant to boost the economy — ultimately led to job losses and higher prices, a new study from the Federal Reserve has found.
“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.
The Trump administration first implemented steel and aluminum tariffs in March of 2018, with the president declaring at the time that “aggressive foreign trade practices” related to the trade goods amounted to an “assault on our country” and the U.S. steel industry.
Since then, Trump has announced new rounds of tariffs on billions of Chinese goods in a retaliatory back-and-forth with the country.
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Fed study: Trump tariffs backfired, caused job losses and higher prices https://t.co/6YCsHnH8L8 pic.twitter.com/8zPEqTsDoY
— The Hill (@thehill) December 28, 2019
Fake News!
Or so Trump’s worshipers will say.
This baloney has caused fits in the market and wrecked retirement plans too. There has been some growth since the announcement of a deal with China, but I have no confidence that this “agreement” will last. Next time Trump coughs, the market will drop again. But see, according to Trump’s fans, I’m being selfish for worrying about my retirement and if my nest egg suffers, I should be willing to sacrifice it for the overall good of this country.
Cult thinking.
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