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dalton99a

(81,068 posts)
Tue May 7, 2019, 10:18 PM May 2019

Trump's steel tariffs cost U.S. consumers $900,000 for every job created, experts say

https://www.washingtonpost.com/business/2019/05/07/trumps-steel-tariffs-cost-us-consumers-every-job-created-experts-say/

Trump’s steel tariffs cost U.S. consumers $900,000 for every job created, experts say
Pressure is growing on Trump to remove steel and aluminum tariffs.
By Heather Long
May 7 at 3:45 PM

President Trump has shown little interest in removing the steel and aluminum tariffs he imposed more than a year ago despite growing evidence Americans are paying a hefty price for these tariffs and increasing pressure from Republicans in Congress to remove them.

U.S. consumers and businesses are paying more than $900,000 a year for every job saved or created by Trump steel tariffs, according to calculations by experts at the Peterson Institute for International Economics. The cost is more than 13 times the typical salary of a steelworker, according to Labor Department data, and it is similar to other economists’ estimates that Trump’s tariffs on washing machines are costing consumers $815,000 per job created.

“It’s very high. It’s arresting,” said Gary Hufbauer, a senior fellow at the Peterson Institute who did the steel tariff cost calculation. “The reason it’s so high is that steel is a very capital-intensive industry. There are not many workers.”

Trump has said repeatedly that the metals tariffs are necessary for national security, for well-paying jobs and for leverage in trade negotiations. There was hope among Republicans and business leaders that Trump would remove the tariffs — at least on Canada and Mexico — once the negotiations over the U.S.-Mexico-Canada trade agreement, known as USMCA, were done. But the tariffs remain, a warning sign for Chinese leaders who want Trump to remove his tariffs on their country’s products as part of the deal the two sides are negotiating.

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Trump's steel tariffs cost U.S. consumers $900,000 for every job created, experts say (Original Post) dalton99a May 2019 OP
An 10.00 more per bag of groceries. Chin music May 2019 #1
I've noticed too... and I shop at one of the smaller regional chains that doubles my coupons. NurseJackie May 2019 #5
Right. Everybodies paying for trump except trump. Chin music May 2019 #6
America First. Do I need sarcasm thingy? Hoyt May 2019 #2
this guy is a thoroughbred fraud. spanone May 2019 #3
After he's gone and the tariffs are rescinded, the price of groceries WON'T go back down either. Chin music May 2019 #4

NurseJackie

(42,862 posts)
5. I've noticed too... and I shop at one of the smaller regional chains that doubles my coupons.
Wed May 8, 2019, 07:59 AM
May 2019

And I (mostly) carefully look at their weekly flyers to purchase (when at all possible) ONLY the items that are on special... avoiding "luxury" items or extravagant items, just sticking to the basics... and my grocery bills continue to get higher and higher.

Chin music

(23,002 posts)
6. Right. Everybodies paying for trump except trump.
Wed May 8, 2019, 11:05 AM
May 2019

No price too high for him. Tariffs are killing the country but, thats really what the deal is isn't it? Act like he's saving the country, while plowing it under.

Chin music

(23,002 posts)
4. After he's gone and the tariffs are rescinded, the price of groceries WON'T go back down either.
Wed May 8, 2019, 07:09 AM
May 2019

See the rise of gas prices in the bush and Obama admin. and the costs of groceries. When the gas prices went down, gas prices didnt. They stayed high.

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