- The Section 232 tariffs on imports of steel and aluminum raised the cost of production for manufacturers, reducing employment in those industries, raising prices for consumers, and hurting exports.
- The jobs “saved” in the steel-producing industries from the tariffs came at a high cost to consumers, at roughly $650,000 per job saved according to the Peterson Institute for International Economics.
- According to Tax Foundation estimates, repealing the Section 232 tariffs would increase long-run GDP by 0.02 percent and create more than 4,000 jobs.
- Other estimates, such as those from economists Lydia Cox and Kadee Russ, suggest that job losses from the tariffs were as high as 75,000.
Source Tax Foundation
