Tax Foundation says tariffs would damage bayou economy
Posted on 3/7/2018 4:58:00 AM.

The Trump Administration is backing a plan to impose tariffs on steel and aluminum imports. The plan is aimed at making American metal production more competitive at home.

but Director of State Projects at the nonpartisan Tax Foundation Scott Drenkard says as a port state, the proposal hits Louisiana particularly hard.

“Louisiana is not th3 biggest state in the country but it is one of the states that would be most impacted by this policy, and it would be about half a billion dollars in total impact in a given year.”

The Tax Foundation estimates the tariffs would cost the US 9 billion dollars a year.

Much of Louisiana’s economy is dependent on the imported goods that crowd our docks. Drenkard says if history holds up, many of those jobs could be at risk.

“The last time in 2002 that the administration placed tariffs on steel imports, an analysis afterwards suggested that 200,000 Americans lost their jobs as a result.”

Drenkard says while some jobs may be saved as a result, consumers would notice a price increase on many of their favorite goods.

“Basically anything that is made of out steel and aluminum is likely to see price increases. I think we’ll all be looking at items that are made out of steel and aluminum and saying, do I really want to pay more for these everyday items?”

The tariffs would tax steel at 25 percent, and aluminum at 10 percent.

Tariffs, Tax Foundation, Scott Drenkard

Provided by ABC News

Copyright 2018. All rights reserved | Privacy Policy

This site powered by PromoSuite Interactive