A report released Tuesday by the Washington-based trade and economic consulting firm claims that for every steel and aluminum job saved by the Trump administration’s tariffs on imports, 16 more will be lost.
“Basically, the report finds not surprisingly that the tariffs would increase employment in the steel and the aluminum sectors, but what it shows pretty clearly is that a large number of other workers would lose jobs in the process as higher steel costs ripple through the economy,” said Laura Baughman, one of the report’s authors.
Trade Partnership Worldwide LLC released the report this week, which claims that over 400,000 jobs will be lost in other sectors of the economy due to higher prices on steel and aluminum. The industry that could be most impacted, with over 375,000 jobs lost, will be the services sector.
“Services sectors will see large employment declines. You wouldn’t expect that when you’re putting a tariff on steel and aluminum that it would have that big of an impact on services sectors but it does. People lose their jobs, so they stop spending money on services,” said Baughman.
In addition, almost 7,000 jobs will be lost in agriculture and 20,000 jobs will be lost in manufacturing, and almost 1,000 lost in the energy sector, for a total of 402,445 jobs, the report said.
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