The Hidden Costs of Global Trade Wars

Economic Impact of Trump's Tariffs: Eight Charts That Tell the Story

April 9, 2025 - The economic impact of President Donald Trump's tariffs on steel and aluminum imports has been a topic of much debate and analysis. To shed light on the issue, we've compiled eight charts that reveal the effects of the tariffs on various sectors of the economy.

Chart 1: US Steel Production

The tariffs on steel imports led to a surge in domestic steel production. According to the American Iron and Steel Institute, steel production in the US increased by 10% in the first quarter of 2025 compared to the same period last year.

[Insert Chart 1: US Steel Production]

Chart 2: US Aluminum Production

Similarly, the tariffs on aluminum imports led to a 15% increase in domestic aluminum production in the first quarter of 2025, according to the Aluminum Association.

[Insert Chart 2: US Aluminum Production]

Chart 3: US Steel Industry Employment

The tariffs also led to an increase in employment in the US steel industry. According to the Bureau of Labor Statistics, steel industry employment rose by 5% in the first quarter of 2025.

[Insert Chart 3: US Steel Industry Employment]

Chart 4: US Aluminum Industry Employment

The tariffs also led to an increase in employment in the US aluminum industry. According to the Bureau of Labor Statistics, aluminum industry employment rose by 7% in the first quarter of 2025.

[Insert Chart 4: US Aluminum Industry Employment]

Chart 5: US Steel Exports

However, the tariffs also led to a decline in US steel exports. According to the US Census Bureau, US steel exports fell by 12% in the first quarter of 2025.

[Insert Chart 5: US Steel Exports]

Chart 6: US Aluminum Exports

The tariffs also led to a decline in US aluminum exports. According to the US Census Bureau, US aluminum exports fell by 15% in the first quarter of 2025.

[Insert Chart 6: US Aluminum Exports]

Chart 7: US Steel Import Costs

The tariffs also led to an increase in the cost of steel imports. According to the US International Trade Commission, the cost of steel imports rose by 20% in the first quarter of 2025.

[Insert Chart 7: US Steel Import Costs]

Chart 8: US Aluminum Import Costs

The tariffs also led to an increase in the cost of aluminum imports. According to the US International Trade Commission, the cost of aluminum imports rose by 25% in the first quarter of 2025.

[Insert Chart 8: US Aluminum Import Costs]

In conclusion, the tariffs on steel and aluminum imports have had a mixed impact on the US economy. While they have led to an increase in domestic production and employment in the steel and aluminum industries, they have also led to a decline in US exports and an increase in the cost of imports. The long-term effects of the tariffs remain to be seen.