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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: 2) by c0lo on Thursday January 16 2020, @11:37PM (3 children)
And this is a result you want to change... exactly why?
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 0) by Anonymous Coward on Friday January 17 2020, @01:00AM
The usual idea is that blue collar jobs are being sent overseas which is destroying the middle class and increasing wealth inequality.
Really, this is just another aspect of the Cantillon effect though. The US citizens are closer to the newly printed money than people in china, india, etc, so it is more expensive to pay them. It is easier to set a minimum wage and let the government/taxes deal with the fallout.
(Score: 0) by Anonymous Coward on Friday January 17 2020, @05:31PM (1 child)
Where do I begin? Let's start with the horrendous trade deficit with China. Or the technology/IP transfer requirements to operate in their markets. Or market dumping. Or currency manipulation. or (functionally) slave labor. Or offering our manufacturing base as a sacrificial lamb while permitting foreign countries to flout environmental problems. Or national security concerns when we can no longer cover our own needs when the companies close or move overseas. (5G, rare earths, ICs) How did energy dependence work out for us in the 70's through the 2000's? The left is still screaming about Middle East intervention being the result of a thirst for oil. It has been going on for 50 years.
Arrogant assholes like to look down at blue collar people as "They took our jerbs" types without thinking about how foreign dependence on mining and manufacturing hurts everyone. So yes. We need to level the playing field. If you don't like protectionism, you need to convince trading partners to drop their protectionism too. Wagging fingers and pleading for them to behave better has not worked, no matter what prior administrations or their lackeys think.
(Score: 2) by c0lo on Saturday January 18 2020, @07:01AM
China or not, if you think that blue collar jobs are going to last forever (as a source of income able to keep you in the middle class) and that "that's a good thing™"... the future will have some nasty surprises for you [mining-technology.com]. You can't live forever like your parents did and still think of progressing. Inevitable someone else is going to get better than you, even if you rely on protectionism.
So, what gives? Perhaps the middleclass really needs to up its game and the society need organized in such a way that the middle class actually has the opportunity to do it?
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford