Trump’s shock-and-awe tariffs haven’t fueled a manufacturing jobs boom
CNN
President Donald Trump’s shock-and-awe tariff campaign is off to a slow start when it comes to reviving American manufacturing jobs.
President Donald Trump’s shock-and-awe tariff campaign is off to a slow start when it comes to reviving American manufacturing jobs. While it will take time for the full impact to play out, the early results suggest that not only have tariffs failed to inspire a hiring boom, but the chaotic policy rollout is paralyzing businesses. Economists and trade researchers say the haphazard nature of the trade war is compounding the longer-term pressure on US manufacturing. Even as Trump spiked tariffs to levels unseen in nearly a century, the manufacturing sector lost a combined 14,000 net jobs in May and June, according to federal data. Manufacturing employment is little changed overall since Trump took office in January. Factory hiring plunged in May, below even the Covid-19 pandemic pace, to the weakest rate since 2016 under President Barack Obama, according to the Bureau of Labor Statistics. Manufacturing job openings — a sign of what’s to come — have plunged by nearly 100,000 since Trump took office. Instead of giving bosses a reason to hire, the whiplash approach to the trade war is sowing confusion and uncertainty. CEOs need clarity on where tariffs will be in the long run. But under Trump, it’s not even clear where tariffs will be at the end of the day, let alone the end of the year.
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