Thursday, November 4, 2021

Did Trump's tariffs increase domestic employment?

President Trump campaigned on one issue, jobs.  His 25-50% tariffs on imported Washing Machines seemed to have induced the two biggest importers to speed up the construction of US Washing Machine plants (in SC and TN):
South Korea’s washing machine exporters to the US, Samsung Electronics and LG Electronics, on Wednesday said they will start operations of their new plants in the US as early as possible to minimize the possible impact of a likely sanction on their products.

Samsung and LG on Wednesday expressed concerns about the US International Trade Commission’s recommendation to the Donald Trump administration to impose a 50 percent tariff rate on large residential washer imports that exceeded a quota of 1.2 million units for a duration of three years in addition to the current rates of duty.
So, while the tariffs harm consumers with higher prices (for both washers and dryers), they have also increased domestic demand for labor, at least in this one industry.


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