Goldman Sachs: Tariffs will reduce U.S. jobs

One of the many stated goals of the Trump administration's tariff regime is to boost employment in U.S. manufacturing, according to Golden Ten Data. That's a reasonable outcome, economists at Goldman Sachs wrote, but they concluded that the increase would likely be dwarfed by job declines in other industries. Goldman reviewed previous academic research. Most researchers found that for every 10 percentage point increase in tariff rates, employment in protected industries increased by 0.2 to 0.4 percent. But other industries were hurt. For the size of the U.S. economy, the impact "means that tariff protection added nearly 100,000 jobs to manufacturing, but input cost pressures dragged down downstream employment by about 500,000," Goldman wrote.