Trump's Unpopular Tariffs Could Cost U.S. 400,000 Jobs, Economists Estimate

President Donald Trump's recent tariffs against major U.S. allies like Canada, Mexico and the European Union could cost the country 400,000 jobs, economists estimate.

A new report by Trade Partnerships Worldwide, an economic consulting firm in Washington D.C., found that these trade penalties and their resulting retaliation from foreign markets, will initially boost the amount of jobs in the steel and aluminum manufacturing industry by nearly 27,000 over the next one to three years. Those gains, however, will be immediately offset by a reduced net employment of about 430,000 jobs throughout the rest of the country. Essentially, the report indicates, for every steel and aluminum job gained there will be 16 jobs lost in other industries throughout the rest of the nation's economy.

Low-skilled workers, like production worker and machine operators, are expected to be hit harder than managers and professionals and are estimated to account for about 70 percent of layoffs.

The biggest industry to take a hit from these tariffs will be steel-consuming sectors, many of which are in the Rust Belt and southern states. California, Texas, and New York are also expected to suffer major losses. Also notable are job losses in agriculture, an industry that was a prime target of the retaliations set into motion by Mexico, the European Union, and Canada.

Trump's tariffs, which were announced on May 31 and impose a 25 percent tax on imported steel and a 10 percent tax on imported aluminum, immediately angered foreign trading partners, but a new poll shows that Americans are somewhat split on whether the move will help or hurt the U.S. economy.

The survey conducted by Politico and Morning Consult shows that 35 percent of voters think that these tariffs will help boost the economy, while about 45 percent of voters said that they believe these tariffs will harm the economy. Twenty percent of the poll's participants stated they didn't know or had no opinion on the subject.

When asked whether or not they think Trump's actions will cause a trade war, 62 percent of participants said it is likely, with 20 percent saying that result is unlikely and 19 percent stating they had no opinion.

Trump tweeted in March that "When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win."