Donald Trump's Trade War Tariffs Reduced Employment at U.S. Factories and Hiked Prices, Federal Rese
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Source: newsweek
Donald Trump's Trade War Tariffs Reduced Employment at U.S. Factories and Hiked Prices, Federal Reserve Study Finds
By Brendan Cole On 12/28/19 at 8:27 AM EST
Import tariffs introduced by President Donald Trump aimed at protecting American manufacturers have actually caused job losses and higher prices for consumers, according to a study published by the U.S. Federal Reserve.
In March 2018, the Trump administration introduced steel and aluminum tariffs to counter what the president described as "aggressive foreign trade practices."
The president also took aim at Chinese goods as he started a trade war with Beijing that may be soon eased with a preliminary trade deal.
However, Federal Reserve economists Aaron Flaaen and Justin Pierce concluded that any gains made by the tariffs in reducing competition for some U.S. domestic industries were cancelled out by rising input costs and retaliatory tariffs.................................
Read more: https://www.newsweek.com/donald-trump-trade-war-china-tariffs-1479462?utm_medium=Social&utm_source=Twitter#Echobox=1577540010
Link to tweet
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Link to tweet
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..................Lydia DePillis from ProPublica tweeted to her 21,000 followers that the study proves that that the "trade war is hurting the sector it was ostensibly supposed to help."
Meanwhile, figures released in September showed that since the start of the trade war with China in February 2018, American consumers and businesses had paid an extra $38 billion, according to the lobby group Tariffs Hurt the Heartland...................
https://www.newsweek.com/donald-trump-trade-war-china-tariffs-1479462?utm_medium=Social&utm_source=Twitter#Echobox=1577540010
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