Goldman Sachs: Tariffs will reduce U.S. jobs

Odaily Planet Daily News One of the many stated goals of the Trump administration's tariff regime is to increase employment in the U.S. manufacturing industry, and economists at Goldman Sachs say this is a reasonable result, but they conclude that the increase may be dwarfed by the decline in employment in other industries. Goldman Sachs reviewed previous academic research. Most researchers found that for every 10 percentage point increase in tariff rates, employment in protected industries will increase by 0.2% to 0.4%. But other industries have been hurt. Goldman Sachs wrote that for the size of the U.S. economy, its impact "means that tariff protection has increased employment in the manufacturing industry by nearly 100,000 people, but input cost pressures have dragged down downstream employment by about 500,000 people." (Jinshi)