The Trade Partnership, a non-partisan pro-trade group, released a report Monday predicting that there will be a net loss of thousands of jobs if the proposed tariffs on aluminum and steel are applied on imports from all countries.
A report put out by the Trade Partnership, which is also a consulting firm that does research on international trade, predicts that while there will be an increase in aluminum- and steel-based jobs in the U.S. because of increased demand; that jump would be far smaller than the number of jobs that would be lost in other sectors as a result of the increased cost of working with steel and aluminum.
The Trade Partnership puts the number of jobs expected to be gained at 33,464 and the jobs lost at 179,334, resulting in the net loss of 145,870 jobs.
In summary, the report states that more than five jobs would be lost for every one job gained.
The job losses would involve a number of different sectors, including agriculture, energy, food and textile manufacturing, and various forms of construction.
"While employment increases in sectors making steel and aluminum, it declines in every other sector of the U.S. economy," the report states.
Edward Alden, a senior fellow at the Council on Foreign Relations specializing in international trade, also predicted a net loss of jobs last week when the tariffs were first proposed.
"This should be a hard one for the president – he campaigned on bringing back good manufacturing jobs, and while the tariffs will help create some good manufacturing jobs in steel and aluminum production, they will eliminate many others. I’m not sure on what criteria the president will decide which sorts of jobs he favors," Alden told ABC News today.
“The total amount of tariffs we're putting on is about $9 billion a year. That's a fraction of 1 percent of the economy," Ross added.
And Ross suggested that if Europe retaliates, it would only be a small fraction of the U.S. economy.
"It's some $3 billion of goods that the Europeans have threatened to put something on," he added. "Well, in our sized economy, that's a tiny, tiny fraction of 1 percent. So while it might affect an individual producer for a little while, overall it's not going to be much more than a rounding error.”
Trump also has defended the move. "We’re going to build our steel industry back, we’re going to build our aluminum industry back," he said Monday.