Federal Reserve: Trump tariffs raised prices, caused job losses

National News

President Donald Trump speaks at a campaign rally in Sunrise, Fla., Tuesday, Nov. 26, 2019. (AP Photo/Susan Walsh)

(WEHT)- A new report released Tuesday from the Federal Reserve shows that President Trump’s tariffs led to higher prices and job losses. The tariffs were placed on products like aluminum, steel, motor vehicles, computers, and leather goods.

Economists say the tariffs on Chinese goods led to a trade war with China and ten primary industries were hit by retaliatory tariffs and higher prices. The Federal Reserve also announced that in September, American consumers and businesses paid more than seven billion dollars in tariffs.

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(This story was originally published on December 31, 2019)

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