"Crucially, the manufacturing sector has cut jobs for seven straight months in spite of the tariffs that were supposed to bolster American manufacturing jobs. What we are doing is not working, said Justin Wolfers, professor of economics at the University of Michigan and a senior fellow at the Brookings Institution. Wolfers says that since Trump imposed tariffs on April 1, the manufacturing sector has lost 67,000 jobs."
"Canadian steel and aluminum are subject to a 50 per cent tariff. So any American company using that steel to make products has either had to find a new source, pay the tariff or make do with imports stockpiled before the tariffs kicked in. Automakers have complained that the tariff regime will cost them billions of dollars. The debate over the economic impact of Trump's tariffs has been raging since the election last November."
U.S. job growth has weakened, the unemployment rate has climbed to multi-year highs, and wage growth has sputtered. Manufacturing has cut jobs for seven straight months despite tariffs intended to bolster American manufacturing. Since tariffs were imposed on April 1, the manufacturing sector lost 67,000 jobs. Canadian steel and aluminum face a 50 per cent tariff, forcing American companies to find new sources, pay tariffs, or rely on stockpiled imports. Automakers warn the tariff regime will cost them billions. Critics call the tariffs an import tax on American companies that could slow economic growth, while the administration maintains the policies will benefit workers.
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