'Mr. Trump for over two years has been huffing and puffing about reviving manufacturing employment. This is a pipe dream.'
"Mr. Trump for over two years has been huffing and puffing about reviving manufacturing employment. This is a pipe dream," Lawrence White, an economics professor at NYU's Stern School of Business, told"Manufacturing is not going to disappear from the U.S., but the long-run trend for the last 40 years has been downward in terms of contribution to GDP and especially in terms of employment.
Employees working on the JAC Motor assembly line at JAC's factory in China's eastern Anhui province on April 11. The Trump administration increased tariffs on Chinese imports in May as U.S. manufacturing sector's payroll increase was meager.Trump's inability to revitalize the manufacturing sector isn't a personal failure as much as an indicator of shifts in the domestic labor market.
The president's decision to increase tariffs from 10 percent to 25 percent on Chinese imports last month, which prompted China to retaliate by raising tariffs as much as 25 percent on $60 billion of goods it imports from the U.S., has amplifiedThe trade escalations have also led to disruptions in supply chains.
"We're much more integrated with Mexico," Baker said, noting that the U.S. automobile industry would particularly suffer.Bank analysis estimated that General Motors imports 29 percent of car parts and 17 percent of vehicles from Mexico, while Ford and Fiat Chrysler also import a significant amount of parts and cars from America's southern neighbor.
"You're in effect putting tariffs on GM cars," which would likely have to pass some costs on to consumers, Baker continued."That's going to encourage people to buy cars from other companies, non-U.S. companies."
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