Fears Trump's tariff plan will lead to US job losses, trade war

Workers at Pacific Machinery and Tool Steel Company in Portland, Oregon, preparing machine-grade steel for domestic shipping.
Workers at Pacific Machinery and Tool Steel Company in Portland, Oregon, preparing machine-grade steel for domestic shipping.PHOTO: GETTY IMAGES

President Donald Trump's proposed 25 per cent tariff on steel imports, and 10 per cent on aluminium, will benefit those industries in America in the short term.

But in the longer term, they are likely to create net job losses across the economy, as the effect of higher steel prices drives prices up for US consumers, at least one study says.

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A version of this article appeared in the print edition of The Straits Times on March 08, 2018, with the headline 'Fears Trump's tariff plan will lead to US job losses, trade war'. Print Edition | Subscribe