An analysis of the economic strategies during Donald Trump’s presidency shows that his tariff policies resulted in a 1.4 percent reduction in jobs in the manufacturing sector. That worked out to about 175,000 jobs that would have been created had he not instituted drastic tariffs which resulted in retaliatory measures by foreign countries.
Rebecca Patterson, an economist and macro-economic researcher who has held senior positions with JPMorgan Chase and asset management firm Bridgewater Associates, wrote about how Trump’s new campaign promises of additional tariffs creating new manufacturing if he is elected will likely have the reverse impact on the sector.
“Mr. Trump’s proposals to strengthen domestic manufacturing include tariffs,” she wrote in a recent New York Times Op-Ed piece. “Tariffs are likely to spark a trade war that puts at risk needed overseas investment in the United States – which would probably work against manufacturing employment.”
Patterson cited a Federal Reserve research paper from 2019 that “found that U.S. tariffs levied under Mr. Trump in 2018 and 2019, along with retaliatory tariffs from foreign countries, led to a 1.4 percent reduction in manufacturing employment, or roughly 175,000 jobs that would have otherwise been created.”
The economist said that creating manufacturing jobs in the U.S. will be challenging whoever is elected and that jobs in the sector are likely to continue to account for a smaller percentage of the overall workforce in the country.
“Manufacturing’s comeback will depend in part on the next U.S. president’s willingness to embrace policies that reflect these current realities,” Patterson wrote, while advocating that tariffs were not necessarily the best way to achieve that goal.
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I don’t believe a word that comes out of her mouth since she’s a PAID Washington bureaucratic mouthpiece. WHO HAS NOT BEEN WITH J P MORGAN FOR OVER A DECADE. She works for the Washington Speakers Bureau. Washington Speakers Bureau is the world’s largest talent agency specializing in corporate speaking events. For more than 40 years, have helped connect event hosts with the keynote speakers. She’s a paid propagandist. (1) Rebecca Patterson | LinkedIn Yes, according to macroeconomics, inflation causes less purchasing ability:
The inflation rate is usually measured using the Consumer Price Index (CPI), which tracks price changes for a specific set of goods and services.
Factors that can impact purchasing power include:
Wages: Economists note that over most periods, the inflation level in prices is roughly similar to the inflation level in wages.
Salaries: Individuals should ensure that their salaries keep pace with inflation.
Real estate income: Landlords can increase their rent to keep pace with the rise of prices.
Treasury Inflation-Protected Securities (TIPS): These securities are indexed to inflation to protect against declines in purchasing power.
Trump’s strategic use of tariffs and macroeconomic policies as part of negotiating trade agreements may be the only thing that puts the USA back on a Firm Economic and fiscally responsible track.
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