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Re: US Election 2024
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Originally Posted by Pierre
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I thought the rest of the text gave a more nuanced view…
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American firms and consumers paid the vast majority of the cost of Trump’s tariffs.
While tariffs benefited some workers in import-competing industries, they hurt workers in sectors that rely on imported inputs and those in exporting industries facing retaliation from trade partners.
Trump’s tariffs did not help the U.S. negotiate better trade agreements or significantly improve national security.
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Quote:
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The Trump administration has repeatedly argued that foreign companies are paying for tariffs. But multiple studies suggest this is not the case: the cost of tariffs have been borne almost entirely by American households and American firms, not foreign exporters. While estimates vary, economic analyses suggest the average American household has paid somewhere from several hundred up to a thousand dollars or more per year thanks to higher consumer prices attributable to the tariffs.
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And the bit immediately after your quote seems put more meat on the statement
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In general, then, Trump’s tariffs have helped some workers and hurt others.
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Where it states
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Yet, overall, when economists have attempted to add up the net effect of Trump’s tariffs on jobs, any gains in importing-competing sectors appear to have been more than offset by losses in industries that use imported inputs and face retaliation on their foreign exports. And even those jobs that have been created have come at great cost: studies suggest American consumers paid about $817,000 in higher prices attributable to the tariffs for every job created in the washing machine industry and $900,000 in the steel industry.
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