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Bessent: Tariffs should boost US manufacturing ‘over the next couple of years’
UNITED STATES, AUG 7 – Tariffs averaging over 18% are imposed on more than 90 countries to address unfair trade practices and support US manufacturing, marking the highest foreign goods tax since the Great Depression.
- U.S. President Donald Trump implemented reciprocal tariffs on Thursday aiming to boost domestic manufacturing and jobs nationwide.
- These tariffs follow Trump’s 2024 campaign promise to create manufacturing jobs, though experts warn the strategy contradicts long-term employment trends.
- Manufacturing activity contracted from March to July with a net loss of 37,000 jobs reported since May despite Apple’s $600 billion investment plan promising 20,000 jobs over four years.
- Former deputy chief economist Philip Luck stated manufacturing now uses very few workers due to automation, and Michael Hicks predicted no large job gains will result from tariffs.
- These findings indicate tariffs have yet to generate significant manufacturing employment growth while raising costs for consumers, suggesting doubts about their effectiveness.
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US sweeping new 'reciprocal tariffs' spark global backlash
The US's sweeping new "reciprocal tariffs" on over 90 countries took effect at midnight on Thursday. The new duties, ranging from 10 percent to 50 percent, have drawn wide criticism from the country's trading partners.
·Beijing, China
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ANALYSIS | Trump pledged 'millions of jobs' from tariffs. Here's how the prospects look
Boosting domestic manufacturing is ostensibly the chief long-term goal of U.S. President Donald Trump’s tariffs, but there’s little evidence the sweeping import taxes will bring factory jobs to American workers at the scale he’s touting.
·Ottawa, Canada
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Coverage Details
Total News Sources5
Leaning Left3Leaning Right1Center1Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 20%
R 20%
Factuality
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