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Recent data indicates that tariffs have generally not helped the U.S. manufacturing industry, often resulting in higher costs and reduced employment. While intended to boost domestic production, studies show they increased expenses for manufacturers relying on imported materials, causing a contraction in manufacturing jobs by late 2025.
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Key findings regarding the impact of tariffs include:
Job Declines: Following the implementation of tariffs, the U.S. manufacturing sector saw significant job losses, with 72,000 positions lost between April 2025 and December 2025.
Increased Costs: Tariffs on raw materials like steel and aluminum raised production costs for downstream manufacturers, making them less competitive.
Marginal Benefits vs. Costs: While some specific industries may have received protection, studies from the Federal Reserve found that the burden of higher input costs and retaliatory tariffs outweighed the gains, resulting in a net negative impact.

Industry Sentiment: In an October 2025 survey, 51% of small businesses reported that tariffs decreased their profitability, while only 5% reported benefits.

While supporters argue that tariffs are necessary to protect domestic industries and encourage the reshoring of supply chains, the overall evidence suggests they have created significant economic uncertainty and have not led to the manufacturing boom that was projected.