The Federal Reserve and the Trade War

The staff of the Federal Reserve recently concluded that President Trump's war on trade has not produced or created US jobs. Quite the contrary.

Gee, you could've knocked me over with a feather when I saw this. Who predicted such a thing? Anyway, for the curious, here's a URL for the report:

https://www.federalreserve.gov/econres/feds/files/2019086pap.pdf?fbclid=IwAR2C4oBHUEDstQXGV7kTkwvTftRoJ19ObYsmsU9vH6gS4sinFcxTIijs80g

One quote, and I am done for this post:

"We find that tariff increases enacted in 2018 are associated with relative reductions in manufacturing employment and relative increases in producer prices. In terms of manufacturing employment, rising input costs and retaliatory tariffs each contribute to the negative relationship, and the contribution from these channels more than offsets a small positive effect from import protection. For producer prices, the relative increases associated with tariffs are due solely to the rising input cost channel. We find little evidence for a relationship between industrial production and any of the three tariff channels considered."

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