Listening to the media elite or to Wall Street’s free-trade cheerleaders, one gets the impression that the sky must be falling. Pundits have wasted little time in deriding President Trump’s recent decision to protect national security by imposing tariffs on imports of steel and aluminum.
They warn of frightful consequences, and of “collateral damage” to America’s standing in the world. But here’s a funny irony amid all the doom and gloom talk: The tariffs will have essentially zero negative impact on the U.S. economy.
If there is any net job loss at all, it will be so minuscule as to immediately be absorbed by the current run of strong national job growth.