Wednesday, August 15, 2018

Jobs Created By Tariffs

More than 11,100 Good Jobs Created Since February

We have determined that at least 11,100 new jobs have been created since February 1 as a result of the protective tariffs imposed on imported solar panels, washing machines, steel, and aluminum. The finding arises from the initial results of CPA’s “Tariff Job Creation Tracker” (TJCT), which monitors the jobs created as a result of the administration’s tariff actions. The tally is conservative because the numbers include only those positions where companies have publicly announced new or planned job counts.

The TJCT was compiled by the CPA research team led by economist Jeff Ferry. Dozens of individual company announcements show a steady stream of new jobs in affected industries, trends also supported by the government BLS data, said Ferry. “The national media is generally ignoring the job creation arising from the country’s new strategic trade posture. This information is important. These jobs will have substantial positive effects on local economies and the national U.S. economy,” said Ferry. “They are in general well-paid manufacturing jobs in high-productivity businesses. Those new jobs will contribute to the creation of thousands of service sector jobs and they will stimulate local economies.”

In January, the president announced section 201 safeguard tariffs on imported washing machines as well as solar panels and cells, which went into effect in March when President Trump announced section 232 national security tariffs on surging imports of subsidized steel and aluminum, which went into effect June 1. The president is also imposing section 301 tariffs on $50 billion worth of Chinese goods produced via intellectual property theft, forced technology transfer, and cyber-attacks. However, our job creation numbers do not yet include the impact from those 301 tariffs.

We’ve long recognized the direct connection between manufacturing strength and a vibrant middle class. Recent administrations simply acquiesced to a quarter-century of predatory trade from China. It’s past time to take action, and it’s gratifying to see how quickly manufacturing is coming back to the U.S. now that we are implementing the beginnings of a national trade strategy. [more...]

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