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Trump's tariffs are driving job losses and production cost hikes, the Fed says

1 month ago   |   By Business Insider

President Trump's tariffs are harming the sector he pledged in 2016 to protect, according to a recent Federal Reserve study .
The president's 2018 tariffs fueled job loss throughout the ailing manufacturing industry and increased input costs, the December 23 study said.
The duties did provide some import protection to US-based firms, but any benefits were outweighed by boosted production expenses and retaliatory tariffs, the Fed added.
The findings come as the US manufacturing sector remains mired in recession and a separate report says 2019 brought the most job cuts in four years.
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