General Discussion

highplainsdem

(48,970 posts) Thu Aug 6, 2020, 01:31 PM Aug 2020

Trump tariffs cost consumers $1.5 billion, created only about 1,200 new jobs

at a cost of over $800,000 to consumers per job.

Tweet from David Frum minutes ago, responding to a GOP tweet bragging about Trump's tariffs helping Whirlpool:

Link to tweet

The Trump tariffs raised the average price of a washing machine by $86. Altogether, consumers paid $1.5 billion more than otherwise. Only about 1,200 jobs were created - and at a cost of about $817,000 to consumers per job.
https://bfi.uchicago.edu/working-paper/the-production-relocation-and-price-effects-of-us-trade-policy-the-case-of-washing-machines/

10 replies

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Trump tariffs cost consumers $1.5 billion, created only about 1,200 new jobs (Original Post) highplainsdem Aug 2020 OP

This message was self-deleted by its author Chin music Aug 2020 #1

It must be regional exboyfil Aug 2020 #2

This message was self-deleted by its author Chin music Aug 2020 #5

This paper only covered the impact on the manufacture of washing machines. Dread Pirate Roberts Aug 2020 #3

He ruined farmers with his tariffs. louis-t Aug 2020 #4

This message was self-deleted by its author Chin music Aug 2020 #6

We paid twice because of increased food costs and louis-t Aug 2020 #8

This message was self-deleted by its author Chin music Aug 2020 #9

Not surprised kurtcagle Aug 2020 #7

This message was self-deleted by its author Chin music Aug 2020 #10

Response to highplainsdem (Original post)

Chin music This message was self-deleted by its author.

exboyfil

(17,862 posts)

2. It must be regional

Reply to Chin music (Reply #1)

Thu Aug 6, 2020, 01:41 PM

Aug 2020

We are not seeing price increases where I live on groceries over the last four years or so. Beef was a problem a couple of months ago, but it went down again. It might be my mix of groceries.

Response to exboyfil (Reply #2)

Chin music This message was self-deleted by its author.

Dread Pirate Roberts

(1,896 posts)

3. This paper only covered the impact on the manufacture of washing machines.

Reply to highplainsdem (Original post)

Thu Aug 6, 2020, 01:46 PM

Aug 2020

Multiply this effect across all of the sectors his tariffs were imposed on and the overall cost to consumers in the U.S. is far more with little benefits to show.

Despite the increase in domestic production and employment, the costs of these 2018 tariffs are substantial: ina partial equilibrium setting, we estimate increased annual consumer costs of around 1.5billion USD, or roughly 820,000 USD per job created.

louis-t

(23,292 posts)

4. He ruined farmers with his tariffs.

Reply to highplainsdem (Original post)

Thu Aug 6, 2020, 02:06 PM

Aug 2020

They have lost their overseas markets due to retaliation. His tariffs helped no one. There are no winners.

Response to louis-t (Reply #4)

Chin music This message was self-deleted by its author.

louis-t

(23,292 posts)

8. We paid twice because of increased food costs and

Reply to Chin music (Reply #6)

Thu Aug 6, 2020, 02:12 PM

Aug 2020

since he needed to buy back the love of farmers, we are paying them a supplement..

Response to louis-t (Reply #8)

Chin music This message was self-deleted by its author.

kurtcagle

(1,602 posts)

7. Not surprised

Reply to highplainsdem (Original post)

Thu Aug 6, 2020, 02:09 PM

Aug 2020

The tariffs were rolled out for one purpose and one purpose only - to make it look like Trump was taking the fight to the Chinese and holding them accountable. In the end the biggest impact was to drive more trade to China and shift buying patterns in Europe and Asia towards finding suppliers elsewhere than the US.

Response to kurtcagle (Reply #7)

Chin music This message was self-deleted by its author.

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