The U.S. president cast his 2018 levies on steel and aluminum as an effort to bring manufacturing jobs back to the U.S., but studies show this did not happen
Laborers fill orders of machine grade steel to be shipped out at the Pacific Machinery & Tool Steel Company in Portland, Ore., on March 6, 2018.As U.S. President Donald Trump aggressively erects walls around the American economy in a bid to bring manufacturing jobs back to his country, there’s little evidence from his 2018 tariff campaign against foreign steel and aluminum to suggest that will happen.
A 2024 paper by David Autor, Anne Beck, David Dorn and Gordon H. Hanson found that few jobs were created in the protected sectors. “Import tariffs on Chinese and other foreign goods had neither a sizable nor significant effect on US employment in regions with newly-protected sectors. Foreign retaliatory tariffs by contrast had clear negative employment impacts particularly in agriculture, and these harms were only partly mitigated by compensatory subsidies,” the economists wrote.
“The average annual decrease in production values for these industries was $3.4 billion during 2018–21,” the trade commission noted. Industrial machinery, cutlery and auto parts and manufacturers were all hit hard. While Riverdale had already purchased much of the steel it needs for the first quarter, its Canadian and domestic suppliers raised prices by roughly 25 per cent in recent weeks in anticipation of tariffs.
At the same time shares in auto makers such as Ford Motor Company and General Motors Corp. initially fell. After the steel and aluminum tariffs were imposed in 2018, both companies revealed they had absorbed roughly US$1-billion apiece in increased costs. While the steel and aluminum tariffs will be disruptive for manufacturers across North America, they may have a relatively limited impact on the overall Canadian economy, according to a report by Nathan Janzen, assistant chief economist at Royal Bank of Canada.
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