Trump’s tariffs hurt more than helped, leading to job losses & higher prices – Fed study

Dave Kaup

US tariffs meant to boost the US economy by eliminating “unfair” trade practices, primarily by China, actually took a toll on manufacturing sector jobs and hiked prices, a study by the US Federal Reserve Board has concluded.

The Fed has become the latest body to stress the damaging consequences of “unprecedented” punitive tariffs unleashed by US President Donald Trump on China and other trade partners – including Canada, Mexico and the EU – at the beginning of 2018. In a recently released report, Fed economists Aaron Flaaen and Justin Pierce said that the negative effects of the measure outweighed the benefits, at least in the short term.

Continue reading