Goldman Sachs: Tariffs will reduce U.S. jobs
According to Internet reports, according to Jin Chao, one of the many stated goals of the Trump administration's tariff system is to increase employment in U.S. manufacturing. Economists at Goldman Sachs wrote that was a reasonable result, but they concluded that the increase could pale in comparison with job declines in other industries. Goldman Sachs reviewed previous academic research. Most researchers found that for every 10 percentage point increase in tariff rates, employment in protected industries increased by 0.2% to 0.4%. But other industries have been hurt. Given the size of the U.S. economy, the impact "means tariff protection has added nearly 100,000 jobs to manufacturing, but input cost pressures have dragged down downstream employment by about 500,000," Goldman Sachs wrote.
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