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1 Alex Durante, How the Section 232 Tariffs on Steel and Aluminum Harmed the Economy 1 (2022)

handle is hein.taxfoundation/hwtesn0001 and id is 1 raw text is: How the Section 232 Tariffs on TAXSteel and Aluminum Harmed the Economy FISCAL Alex Durante Federal Tax Economist FACT No. 800 Sept. 2022 Key Findings • The Section 232 tariffs on imports of steel and aluminum raised the cost of production for manufacturers, 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. • According to Tax Foundation estimates, repealing the Section 232 tariffs would increase long-run GDP by 0.02 percent and create more than 4,000 jobs. • Other estimates, such as those from economists Lydia Cox and Kadee Russ, suggest that job losses from the tariffs were as high as 75,000. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. ©2022 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org