The US construction industry may lose more than 28,000 jobs if Donald Trump’s plan to raise tariffs on imported steel and aluminium goes ahead, a pro-free trade think tank has warned. [...]
While Trump claims tariffs would create jobs in America’s steel and aluminium sectors, a Washington, DC, thinktank, Trade Partnership, warned that such a policy would “reverberate throughout” the economy, costing more jobs than it would gain as it pushed up the cost of the metals.
— Global Construction Review
Unswayed by warnings from top economists, industry groups, and members of his own party, Donald Trump today signed two tariff proclamations at the White House that will erect 25% and 10% tariffs on steel and aluminum imports respectively.
While the administration claims that the import tariffs will protect the domestic iron and steel sectors and create thousands of jobs, a new report calculates that this move would actually destroy 179,334 jobs in other sectors—including 28,313 in construction—resulting in a net job loss of nearly 146,000 (not taking into account any potential trade retaliation against U.S. exports; only of the tariffs themselves). "More than five jobs would be lost for every one gained," the report estimates.
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