Despite a growing body of research on the hefty costs that Americans are paying for President Donald Trump’s steel and aluminum tariffs, the president has yet to back down, even as congressional Republicans recognize the disastrous effects of Trump’s trade policies, British newspaper The Independent reports.
For every job created or saved by the steel tariffs, U.S. businesses and consumers shell out more than $900,000 a year, the Peterson Institute for International Economics calculates.
Compared to Labor Department data, this figure is more than 13 times the average salary of a steelworker and is comparable to estimates from other economists that Trump’s washing machine tariffs cost consumers $815,000 for each job created.
"It's very high. It's arresting," said Peterson Institute senior fellow Gary Hufbauer. "The reason it's so high is that steel is a very capital intensive industry. There are not many workers."
Trump has not backed down from his position that tariffs on steel and aluminum are needed for well-paying jobs, national security, and trade negotiation leverage. But the tariff’s backers, including the Alliance for American Manufacturing, argue that the March 2018 policy has saved or created more than 12,700 well-paying jobs at aluminum and steel factories.