The tariffs Trump imposed on Chinese goods in 2018 had a net negative effect on manufacturing jobs as well overall U.S. employment. The Federal Reserve Board found that the tariffs caused a reduction in manufacturing employment of 1.4%. Modest gains (0.3%) achieved by shielding domestic producers from foreign competition were “more than offset” by rising production costs for manufacturers who used steel as an input (-1.1%) and retaliatory tariffs (-0.7%). Federal Reserve data recorded approximately 12.4 million manufacturing jobs when Trump became president in January 2017 and 12.2 million when he left in January 2021. There were 12.9 million manufacturing jobs in September 2024, although job creation in the manufacturing sector and manufacturing’s share of total employment are lower than pre-tariff rates. Economy-wide, Oxford Economics estimated in 2021 that the tariffs and resulting trade war cost 245,000 jobs and 0.5% of GDP while reducing real incomes by $675 per household. https://econofact.org/factbrief/did-the-trump-tariffs-increase-us-manufacturing-jobs
245k job loss is huge. BUT! Is this fact true? Is this fact published years ago? During the recent presidential election, did VP Harris talked about President Trump 2018 tariff destroyed 245k jobs? If not, treat the above article as fake news/opinion/manipulative news.... Do note that most Americans voted for President Trump for 2nd term. So obviously most Americans were pleased with President Trump 1st term performance. Time to block this OP.
I think they voted for him mainly because of his promise to bring prices down from day one in his second term. Another of his endless round of broken promises. Rising Energy Costs: Despite promises to lower energy costs, Trump and his Republican allies in Congress have broken their commitments. Instead, their policies are exacerbating inflation and driving up electricity bills to the highest they have been since the 1990s, all while dismantling clean energy production that provides affordable options for Americans. This ongoing devastation of clean energy sectors is undermining not just the economy, but also the future of a sustainable energy transition for the country. Not to mention gas prices will be going up about 15 cents per gallon. Trump’s Campaign Promises During his campaign, Trump made bold promises to immediately reduce inflation and cut energy costs in half once he got in office. However, it’s clear now that his policies on clean energy are having the opposite effect. His actions have led to rising electricity prices, which have in turn worsened the inflationary pressures many Americans are already facing. Trump’s campaign rhetoric not only failed to deliver on the promises made, but also worsened the very issues he had pledged to solve. The pain is exceptionally acute in rural America, where the effects of Trump’s attacks on clean energy programs have been particularly harsh. In particular: Rural electricity co-ops face billions in withheld funding. Alabamians are paying a $100 surcharge on their electricity bills due to Trump’s elimination of key energy programs. U.S. automakers are warning that Trump's chaotic trade policies and attacks on clean energy will continue to raise costs for both manufacturers and consumers. Farmers are facing severe disruptions as Trump cuts essential clean energy grants and loans that were pivotal to their operations. Indigenized Energy’s plans to build low-cost solar energy for 14 tribes across Montana, Wyoming, North Dakota, South Dakota, and Wisconsin are in limbo due to Trump’s cuts and pauses to EPA grants. https://www.forbes.com/sites/we-don...n-energy-are-costing-jobs-and-raising-prices/
Trump is losing the confidence of business leaders, billionaire investor Bill Ackman says Billionaire investor Bill Ackman said that America was heading toward a self-inflicted "economic nuclear winter" as a result of U.S. President Donald Trump's tariff policy rollout. "Business is a confidence game. The president is losing the confidence of business leaders around the globe," he said. Billionaire investor Bill Ackman said that America was heading toward a self-inflicted "economic nuclear winter" as a result of U.S. President Donald Trump's tariff policy rollout. "By placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner," Ackman, who had endorsed Trump during the elections, wrote on social media platform X. https://www.nbcnewyork.com/news/bus...illionaire-investor-bill-ackman-says/6214439/
Bill Ackman warns Trump to call a timeout on trade war: ‘This is not what we voted for’ Billionaire hedge fund investor Bill Ackman, who endorsed President Trump last year, is offering a stark warning about the risks of the White House’s tariff plans, arguing they could cause the economy to collapse while hurting Trump supporters the most. “Business is a confidence game. The president is losing the confidence of business leaders around the globe. The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative,” he wrote. https://www.msn.com/en-us/money/mar...war-this-is-not-what-we-voted-for/ar-AA1Cpxx7
Lol it's for real, for sure: President Donald Trump’s strategy to use import tariffs to protect and boost U.S. manufacturers backfired and led to job losses and higher prices, according to a Federal Reserve study released this week. “We find that the 2018 tariffs are associated with relative reductions in manufacturing employment and relative increases in producer prices,” concluded Fed economists Aaron Flaaen and Justin Pierce, in an academic paper. https://www.marketwatch.com/story/fed-study-finds-trump-tariffs-backfired-2019-12-27 Trump tariffs led to job losses, higher prices for businesses: Fed report https://www.foxbusiness.com/markets/federal-reserve-tariffs-manufacturers Economy-wide, Oxford Economics estimated in 2021 that the tariffs and resulting trade war cost 245,000 jobs and 0.5% of GDP while reducing real incomes by $675 per household. https://www.uschina.org/wp-content/...rucial_partnership_at_a_critical_juncture.pdf
Most is not correct. Turnout rate of ELIGIBLE voters was 64%. ------------------ Totals 155,201,157 75,019,230 48.34% Harris 226 77,303,568 49.81% -Trump 312 2,878,359 1.85% 0 Last update: 12/31/2024 Not exactly a mandate.
WashingtonCNN — Inflation is likely to pick up because of President Donald Trump’s sweeping tariffs, and could remain elevated, Federal Reserve Chair Jerome Powell said Friday. “We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,” he said at an event just outside Washington, DC. “While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent.” Powell’s latest comments, his most vivid yet on the subject, come just days after the Trump administration unveiled the sharpest ever escalation in US tariffs on data going back 200 years, Fitch Ratings told CNN — even steeper than the expansive tariffs deployed under the Smoot-Hawley Act of 1930. A 10% tariff on all US imports will go into effect on Saturday, with even higher tariffs slated for April 9. https://edition.cnn.com/2025/04/04/economy/jerome-powell-fed-tariffs-jobs/index.html All of this is just sad. We had it all. We really did.
Hong KongCNN — China plans to turn Trump tariff ‘crisis into opportunity’ “US tariffs will have an impact (on China), but ‘the sky won’t fall,’” a commentary in the ruling Chinese Communist Party’s mouthpiece People’s Daily said Sunday. “Since the US initiated the (first) trade war in 2017 – no matter how the US fights or presses – we have continued to develop and progress, demonstrating resilience – ‘the more pressure we get, the stronger we become,’” read the commentary, which was also on the front page of the paper’s Monday edition. Beijing has long slammed US tariffs as “unilateral bullying.” Its latest rhetoric may be propaganda poised to calm potential jitters at home – and project confidence to the rest of the world. But it also speaks to what could be the strategic calculation of Chinese leader Xi Jinping and his cadres in Beijing: that Trump is not just using the tariffs as a negotiating tactic – and the epic disruption to global trade has the potential to hurt the US more than China. “Many (People’s Republic of China) counterparts have argued (the) US is making a mistake that will undermine its own global standing,” Ryan Hass, a senior fellow at the Washington-based Brookings Institution think tank, wrote on the social media platform X on Sunday, following meetings with government officials, scholars, business leaders during a visit to China. “There’s debate about whether the world is entering a period of blocs or a transition to an era of globalization minus the US. Beijing seems to prefer the latter scenario,” he said, adding that “China’s leaders will not countenance being seen as passive in response to US.” “China is sending a significant message to the world: we cannot back down or tolerate US bullying, as tolerance ultimately leads to more bullying,” said Liu Zhiqin, senior researcher at Chongyang Institute for Finance Studies in Renmin University of China, told the broadcaster. “China and the US are now direct rivals in reshaping the international trade order,” said another, Ju Jiandong, a professor at the People’s Bank of China School of Finance of Tsinghua University. “We’re willing to take on the challenge – we’re ready to compete with the US in redefining the new global trade system.” Beijing over the past month held economic talks with Japan and South Korea, hit last week with 24% and 25% tariffs respectively, as well as with the European Union, which was slapped with 20% duties. In Singapore, an ultra-connected free trade bastion known for treading a cautious diplomatic line, Prime Minister Lawrence Wong pulled few punches in a message to his fellow citizens over the weekend. “The recent ‘Liberation Day’ announcement by the US leaves little room for doubt,” he said. “It marks a seismic change in the global order. The era of rules-based globalization and free trade is over. We are entering a new phase, one that is more arbitrary, protectionist and dangerous.” https://edition.cnn.com/2025/04/07/...iffs-opportunity-analysis-intl-hnk/index.html Kinda mind boggling how fast new alliances are being formed, with an increasingly isolated US, that has alienated pretty much all its friends and allies, outside the tent looking in.
Donald Trump's Tariff Formula 'Based on an Error'—Conservative Think Tank As President Donald Trump's tariffs spark alarm and criticism from across the political spectrum, analysts at conservative think tank the American Enterprise Institute (AEI) believe the formula used to calculate the import levies is "based on an error." The Washington Post reported Friday, citing two sources who requested anonymity to discuss internal deliberations, that the final tariff rates Trump displayed on a chart he held up during a widely televised Rose Garden speech were set just three hours before the address. On Friday, AEI released a report on the formula, which criticized the tariffs and said the purported formula was incorrect. The new analysis was titled, "President Trump's Tariff Formula Makes No Economic Sense. It's Also Based on an Error." https://www.newsweek.com/donald-trumps-tariff-formula-based-error-conservative-think-tank-2055893