Tariffs: 5 Layoffs for Every New Job

A new study by The Trade Partnership confirms that proposed tariffs on steel and aluminum will cause a net LOSS of 146,000 American jobs: that’s five layoffs for every single new job created.

That’s because aluminum and steel are included in the price of nearly everything we buy, from a new car to a can of beer. Already, U.S. metals prices have surged to a 3-year high – an 11.8 percent price hike — in just a few days.

High-rise buildings, large residential and multi-family construction and infrastructure projects all require large amounts of expensive steel and aluminum, so higher steel prices mean layoffs in the construction trades. Higher steel prices mean that blueprints for new buildings get shelved and construction workers go on unemployment.

Higher prices for specialty steel – the kind that is used in oil and gas pipelines – will also jeopardize America’s effort to assure energy dominance. Only a handful of U.S. manufacturers still produce the unique steel products that are used on massive projects like the Keystone Pipeline, so backlogs are sure to develop – along with cost overruns.

Worse yet, U.S. Tariffs cause other nations to retaliate – making it harder for American manufacturers to sell our goods overseas – which kills even more American jobs.

The simple fact is that tariffs on \steel and aluminum raise prices and cost American jobs. LIKE US to tell Washington: NO on aluminum and steel tariffs.

Comments

  1. Stocks on Wall Street were trading higher after President Donald Trump promised great flexibility toward the United States’ “real friends” as he prepared to impose hefty tariffs on steel and aluminum imports. Trump’s plan to impose a 25 percent tariff on steel imports and 10 percent on aluminum to protect domestic producers against competition has sparked wide condemnation and stoked fears of a trade war. “President Trump’s proposed new tariffs on steel and aluminum may spell more jobs in those industries in the short term,” said John Challenger, Chief Executive Officer at Challenger, Gray Christmas, Inc.

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