The Federal Reserve study said tit-for-tat tariffs resulted in reduced competitiveness and higher costs for industry.
Import tariffs introduced by President Donald Trump aimed at protecting American manufacturers have actually caused job losses and higher prices for consumers, according to a study published by the U.S. Federal Reserve.
China's President Xi Jinping shakes hands with US President Donald Trump before a bilateral meeting on the sidelines of the G20 Summit in Osaka.The trade war Trump has waged with China has cut jobs and increased U.S. prices, according to a new study."We find that the 2018 tariffs are associated with relative reductions in manufacturing employment and relative increases in producer prices," the study said.
"We find the impact from the traditional import protection channel is completely offset in the short-run by reduced competitiveness from retaliation and higher costs in downstream industries."Industries hit by foreign retaliatory tariffs included those who produced magnetic and optical media, leather goods, aluminum sheet, iron and steel, cars and household appliances.
"While the longer-term effects of the tariffs may differ from those that we estimate here, the results indicate that the tariffs, thus far, have not led to increased activity in the U.S. manufacturing sector," the study concluded.
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