CNN Reporter Says This Key Trump Policy Could Be 'Backfiring Completely'
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Matt Egan said Friday's "dismal" jobs report is "especially grim" for these industries.
CNN’s Matt Egan on Tuesday broke down how the U.S. job market is in a “significant slump” and Donald Trump’s tariffs “appear to be part of the problem,” especially for industries exposed to the president’s import taxes.
“They’re trying to engineer this American manufacturing renaissance. They’re trying to cause a jobs boom. That is not happening, right?” said Egan of the White House.
“Economists say, at best, that effort is off to a slow start. At worst, it’s actually backfiring completely, that it’s been counterproductive.”
Egan said Friday’s “dismal” jobs report — which saw just 22,000 added to the U.S. economy in August along with a 4.3% unemployment rate, the highest level in four years — looks “especially grim” for industries like manufacturing that are exposed to tariffs.
He turned to Bureau of Labor Statistics data showing the manufacturing industry losing 12,000 jobs, the wholesale trade industry losing 11,700 jobs, the construction industry losing 7,000 jobs and the mining and logging industry losing 6,000 jobs last month.
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