Impacts On Jobs Based On Steel And Aluminum Tariffs

Name: Course Code: Date: International Trade The short-term impact and long-term impact on jobs based on steel and Aluminum tariffs According to CITATION Jos18 \l 1033 (Francois, Baughman and Anthony), The tariffs, quotas and retaliation would increase the annual level of U.S. steel employment and non-ferrous metals (primary Aluminum) employment by 26,280 jobs over the first one-three years, but reduce net employment by 432,747 jobs throughout the rest of the economy, for a total net loss of 400,445 jobs. Thus, the short-term impact on jobs based on steel and Aluminum tariffs is negative. The disproportionate increase of jobs in the steel and Aluminum sector compared to the net loss of jobs in other industries negative affects the economy in the short run. If for every one job gained sixteen are lost in other areas in the economy CITATION Jos18 \l 1033 (Francois, Baughman and Anthony), the long term impact of Aluminum and steel tariffs are detrimental to the economy and especially to the employment sector. The impact tire tariff has on the economy overall The tariffs Obama imposed on Chinese tires looked good on paper. However, in the long run, they were detrimental to the American economy. When the tariffs were imposed on Chinese tires, the price of those tires increased and the American consumer dug deeper into his/her pocket to afford the new cost of tires. Overall, it saved only about 1200 US jobs in the tires industry but on the other hand, it reduced the savings Americans could make CITATION Huf12 \l 1033 (Hufbauer and Lowry). It affected the retail sector and further led to losses in jobs in this area. It is estimated that thought the tariffs protected some American jobs, it also cost the US economy around 2,531 jobs CITATION Huf12 \l 1033 (Hufbauer and Lowry). The jobs were lost since losses in the retail sector offset gains in tire manufacturing. In the end, there was a net loss of jobs to the American economy. Secondly, the Chinese government retaliated by imposing anti-dumping duties on US exports of chicken parts, costing that indu...