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1 Alex Durante, How the Section 232 Tariffs on Steel and Aluminum Harmed the Economy 1 (2024)

handle is hein.taxfoundation/hwtescn0001 and id is 1 raw text is: *TAX FOUNDATION How the Section 232 Tariffs on Steel and Aluminum Harmed the Economy Alex Durante Economist May 2024 Key Findings • The Section 232 tariffs on imports of steel and aluminum raised the cost of production for manufac- turers, reducing employment in those industries, raising prices for consumers, and hurting exports. • The jobs saved in the steel-producing industries from the tariffs came at a high cost to consumers, at roughly $650,000 per job saved according to the Peterson Institute for International Economics. • A recent report from the U.S. International Trade Commission found that the tariffs increased the average prices of steel and aluminum by 2.4 percent and 1.6 percent, respectively, disproportionately hurting downstream industries that use steel and aluminum in their production processes. • According to Tax Foundation estimates, repealing the Section 232 tariffs and quotas would increase long-run GDP by 0.02 percent ($3.5 billion) and create more than 4,000 jobs. • Other estimates, such as those from economists Lydia Cox and Kadee Russ, suggest the job losses from steel and aluminum tariffs were as high as 75,000. The Tax Foundation is the world's leading nonpartisan tax policy 501 (c)(3) nonprofit. For over 80 years, our mission has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity. TAX FOUNDATION 1325 G STREET, NW, SUITE 950, WASHINGTON, DC 20005 202-464-6200 1 laxfoundation.org