According to phys.org: “In 2002, President George W. Bush raised tariffs on selected steel products in hopes of saving the U.S. steel industry. The move backfired. Longtime trading partners were outraged and threatened to retaliate against American-made goods. More jobs were lost than saved.
“We found there were 10 times as many people in steel-using industries as there were in steel-producing industries,” former U.S. Sen. Lamar Alexander (R-Tenn.) told Politico in a 2018 interview. “They lost more jobs than exist in the steel industry.”
Tariffs should not be permanent, and only implemented for a few years to allow domestic industry to grow. In the hope for a post tariff era, where the businesses are competitive and provide taxes and employment. For a developed economy like USA, high tariffs are generally counter productive. As they raise costs for consumers and the supply chain for businesses. Tariffs can backfire, destroying jobs, rather than creating jobs.
Reference: https://phys.org/news/2024-10-tariffs-good-bad-economy-chain.html
Source: fool49