(National Sentinel)Â Winning: Free traders — that is, those people who believe the U.S. should give away its economic sovereignty to foreign nations who then grow wealthy from our consumerism — predicted doom and gloom (and massive joblessness) when POTUS Donald Trump implemented his first tariffs on imported steel.
They were wrong, as usual, and POTUS Trump was right.
Bloomberg Businessweek reports that jobs in steel-using industries are actually still growing, not contracting as the naysayers predicted:
Employment in metal-using industries has risen since the tariffs went into effect last spring. Employment in fabricated metals products rose 1.44 percent from April through September, according to the jobs report from the Bureau of Labor Statistics released on Oct. 5.Â
That compares favorably with the increase for overall manufacturing (0.70 percent) and the overall private sector (0.76 percent). In the machinery sector, another big consumer of metal, jobs increased by 1.29 percent over the period.
Earlier organizations like the U.S. Chamber of Commerce andÂ establishment media claimed that the president’s 25 percent tariffs on imported steel and 10 percent tariff on imported aluminum would cost hundreds of thousands of jobs, literally.
Newsweek reported in June that 430,000 jobs could be lost due to his tariffs, according to “economists:”
A newÂ reportÂ by Trade Partnerships Worldwide, an economic consulting firm in Washington D.C., found that these trade penalties and their resulting retaliation from foreign markets, will initially boost the amount of jobs in the steel and aluminum manufacturing industry by nearly 27,000 over the next one to three years. Those gains, however, will be immediately offset by a reduced net employment of about 430,000 jobs throughout the rest of the country. Essentially, the report indicates, for every steel and aluminum job gained there will be 16 jobs lost in other industries throughout the rest of the nationâ€™s economy.
Needless to say, POTUS Trump did not become a billionaire by happenstance. If anyone knows business and commerce, it’s obviously him and not the ‘expert economists’ whom he regularly proves wrong.
Never miss a story! Sign up for our daily email newsletter â€”Â Click here!