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Wed Aug 12, 2020, 09:11 PM

Trump's trade policies have cost thousands of U.S. manufacturing jobs

A new report by EPI Senior Economist and Director of Trade and Manufacturing Research Robert E. Scott finds that President Trump’s trade policies have failed to curb offshoring—and they have not addressed the root causes of America’s growing trade deficits and the decline of American manufacturing.

In addition to the Trump administration’s overall weak trade agenda, COVID-19—and the administration’s mismanagement of the crisis—has wiped out much of the last decade’s job gains in U.S. manufacturing. Scott explains that unless steps are taken now—to reform our trade policy, to curb dollar overvaluation, to eliminate tax incentives for offshoring, and to rebuild the domestic economy—there won’t be a comeback.

“The Trump administration has taken credit for ‘reshoring’ manufacturing jobs, but the data show that isn’t true. Nearly 1,800 factories have disappeared under Trump between 2016 and 2018,” said Scott. “Additionally, the U.S. trade deficit in manufactured goods rose significantly between 2016 and 2019. In fact, the real U.S. trade deficit has increased in every year since 2016, reducing GDP growth by roughly 0.25% annually over the past three years. Compounded with the devastation left by the coronavirus pandemic, the blue collar manufacturing workers need serious help from policymakers.”

Overall, the U.S. has lost more than 91,000 manufacturing plants and nearly 5 million manufacturing jobs since 1997. The U.S. did gain roughly 500,000 U.S. manufacturing jobs from 2016 to 2019, but much of that was due to increased domestic purchasing spurred by tax cuts and heavy federal spending. Further, these gains are exactly on par with gains across the entire period from 2010 to 2019, during which 166,000 manufacturing jobs were added each year, on average.

https://www.epi.org/press/trumps-trade-policies-have-cost-thousands-of-u-s-manufacturing-jobs-action-is-urgently-needed-to-rebuild-the-manufacturing-sector-after-the-coronavirus-pandemic/

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Reply Trump's trade policies have cost thousands of U.S. manufacturing jobs (Original post)
Yo_Mama_Been_Loggin Aug 12 OP
SheltieLover Aug 12 #1
RainCaster Aug 12 #2

Response to Yo_Mama_Been_Loggin (Original post)

Wed Aug 12, 2020, 09:12 PM

1. Of course!

He is deliberately destroying our country for putin.

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Response to Yo_Mama_Been_Loggin (Original post)

Wed Aug 12, 2020, 09:13 PM

2. He's cost us hundreds of thousands of jobs

He is the best negotiator, just ask him.

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