According to a Federal Reserve study released this week, President Trump's import tariffs backfired and led to job losses and higher price, MarketWatch reports.
“We find that the 2018 tariffs are associated with relative reductions in manufacturing employment and relative increases in producer prices,” concluded Fed economists Aaron Flaaen and Justin Pierce, in an academic paper.
“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 paper added.
According to the study, the top ten industries affected by Trump's tariffs were: aluminum sheet, steel product, boilers, forging, primary aluminum production, secondary aluminum smelting, architectural metals, transportation equipment, general purpose machinery, and household appliances.
Read a summary of the report over at MarketWatch.