Cramer silent as Federal Reserve economists conclude that the administration’s steel tariff is “likely to cost more jobs than it saves”
Cramer has dismissed concerns over potential job losses as a “misguided understanding of market impacts”
(BISMARCK, ND) – New research from the Federal Reserve Bank of New York suggests that U.S. tariffs on steel imports are likely to cost the American economy jobs, according to a Wall Street Journal report. Coupled with last week’s report of rising steel prices for American businesses, this could spell trouble for American manufacturers. Experts are particularly concerned about the economic impact of tit-for-tat retaliatory actions that would likely cause further economic harm.
Despite President Trump’s claim that “trade wars are good, and easy to win,” economists say ‘not so fast’ – warning of potential consequences as a result of a looming trade war. Kevin Cramer, who previously dismissed concerns over tariffs as “hysteria,” seems more concerned with praising the president than he is with protecting American jobs. Originally opposed to the administration’s tariffs, Cramer is now turning his back on American workers, shrugging off potential job losses as “short-term pain.” Cramer’s silence on this issue is especially dangerous for North Dakota, where over 17,000 workers are employed in industries that rely on steel and aluminum.
Highlights from the article below:
Wall Street Journal: Steel Tariffs Likely to Lea to U.S. Job Losses, Fed Economists Find
- U.S. tariffs on steel imports are likely to cost the American economy jobs, according to new research from Federal Reserve Bank of New York economists.
- The research comes a day after the Federal Reserve said U.S. businesses reported rising steel prices due to the new tariffs.
- Many economists have said the tariffs won’t have much of a positive impact for the U.S., and the Fed post bolsters that view.
- The bigger issue is that domestic manufacturers will face higher costs both from tariff-affected foreign metal and from American producers lifting prices to match the imports.
- On Wednesday, New York Fed leader William Dudley warned that “a tariff war would be a terrible, terrible outcome.” He added: “I would not look at a trade war as something we can win. I don’t really think a trade war is a winnable proposition.”