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Research shows that tariffs on steel and aluminum will make the United States lose hundreds of thous

  • Author:Dong Xing
  • Release on:2018-03-08
A study released recently by the U.S. World Trade Advisory Corporation shows that tariffs on steel and aluminum products(3004-O aluminum plate) planned by President Trump will cause the United States to lose at least a dozen jobs.

According to the latest study, steel and aluminum tariffs will increase 34,464 jobs in U.S. steel and aluminum but at the same time, it will result in a loss of 179,340 jobs in other industries that rely on imported steel and aluminum products(3003H14 aluminum foil). Therefore, the new tariff is expected to result in a net loss of approximately 146,000 jobs in the United States.

"At least five other jobs are lost for every additional job," said the study, which means the Trump administration's new tariff measures will outweigh the benefits. And the study has not taken into account the retaliatory measures taken by other countries on U.S. exports, which means there may be more losses in real jobs in the United States.
The WSJ, which published an editorial on the 6th, cites the conclusion of the study that it warned that tariffs on steel and aluminum may undermine employment in the United States.

Trump on March 1 announced that it will introduce measures to impose 25% and 10% tariffs on imported steel and aluminum products in the near future(3004-O aluminum lamp coil). According to the White House, specific tariff schemes may be introduced as early as this week. After the news release, the EU, Canada, South Korea, Japan, France, Britain, Australia and other said they would take countermeasures.

According to media reports, the European Commission has drafted a retaliatory tax bill that could impose a 25% retaliatory tariff on Harley Motorcycles, Bourbon and Jeans in the United States.