300,000 jobs lost A report from Moody's Analytics [PDF] says that the trade war with China, which started in early 2018, cost 300,000 jobs through September, based on an economic simulation. While it's hard to know exactly how many jobs losses can be attributed to trade tensions, the Moody's report isn't the only one that suggests the duties are having an effect on US workers. A survey of businesses by staffing firm Challenger, Gray & Christmas found that trade difficulties were cited as the reason for more than 10,000 job cuts in August alone. And an analysis by the Tax Foundation also suggests the trade war will result to job losses in the long-run.
American importers paid an extra $46 billion in tariffs Trump is wrong when he claims that China is paying the tariffs. The cost of the tariff comes directly out of the bank account of an American importer when the good arrives at the port. US companies have paid $46 billion more in tariffs than they would have without Trump's tariffs, according to an analysis of government data by the free-trade coalition called Tariffs Hurt the Heartland...
Tariffs cost US consumers Several studies show that tariffs end up costing US families. JPMorgan Chase said that the tariffs imposed in 2018 cost the average household $600 a year.
A separate report, from researchers at the NY Fed, Princeton, and Columbia University, estimated that those tariffs would cost households even more: $831 annually. Their research also considered the cost of shifting supply chains to avoid paying the tariffs....
Manufacturing takes a beating Trump has often argued that his tariffs are boosting the American manufacturing sector, but the industry is in a slump. In December, a measure of manufacturing activity weakened to its lowest point in more than a decade. Data from the Bureau of Labor Statistics show that just 46,000 net manufacturing jobs were added in 2019, an increase of less than 0.5%. While there are likely a lot of factors at play, a recent paper from economists at the Federal Reserve showed that the tariffs are certainly dragging down the sector.
(Score: 1, Touché) by Anonymous Coward on Thursday January 16 2020, @02:49PM (5 children)
Americans are already paid too highly, even the minimum wage is sickeningly high, while people elsewhere are more than happy to work at $5/hr, why can't America? Imagine how much the average househould could save by reducing labor costs incurred on goods and services.
(Score: 2, Touché) by Anonymous Coward on Thursday January 16 2020, @05:13PM (2 children)
I have a suggestion for you. Why don't you try living on $5/hr for a year or two? Then come back and report on how that went. We'll wait.
(Score: 3, Informative) by hemocyanin on Thursday January 16 2020, @06:42PM (1 child)
I strongly suspect, but could be wrong, that the GP post was sarcastic.
(Score: 1, Insightful) by Anonymous Coward on Thursday January 16 2020, @08:22PM
I think the title may be a hint that you are right...
(Score: -1, Troll) by Ethanol-fueled on Thursday January 16 2020, @07:31PM (1 child)
Go back and stay back and fix your own fucking country, Rodrigo.
(Score: 5, Insightful) by PartTimeZombie on Thursday January 16 2020, @09:43PM
If Rodrigo came from any Central American country, he would probably love to fix his own country.
The problem being that every time he tries, the US sends in the Marines.
Often because of this. [wikipedia.org]