Federal Reserve Says Trump's Tariffs Led to Job Losses & Higher Prices

Trump and Republicans are harming us.  Trump's tariff strategy has led to manufacturing job losses and higher prices for consumers.  Who could have foreseen this?

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.

Tit-for-tat trade retaliation is an idea best relegated to the past, given the presence of globally interconnected supply chains, the Fed researchers found.

Trump’s record: 1) manufacturing job losses, 2) higher prices, 3) higher debt, 4) more uninsured, 5) more underinsured, 6) more inequality

The top ten manufacturing industries hit by foreign retaliatory tariffs were 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 top ten industries hit by higher prices were: aluminum sheet, steel product, boilers, forging, primary aluminum production, secondary aluminum smelting, architectural metals, transportation equipment, general purpose machinery and household appliances.

The facade is breaking.  Even for Trump's supporters, this is becoming too much.  They've begun to say he’s too concerned with himself, that he’s a volatile rich guy helping other rich guys. They admit he’s a weapon, but they’re tiring of him.   Start saying it. Start repeating it

Source: https://www.marketwatch.com/story/fed-study-finds-trump-tariffs-backfired-2019-12-27