2. Jobs will be lost

The White House has tried to sell the tariffs as a way to increase American steel and aluminum manufacturing, and thus bring more jobs to those industries. But 50 percent of American steel and aluminum imports came from Canada, Mexico and the EU, and manufactures can’t just snap their fingers to make up what is being lost. Experts estimate that hundreds of thousands of jobs will have to be cut in industries that rely on imported steel and aluminum, outnumbering whatever jobs would be gained manufacturing the metals domestically.

Chief executive of the U.S. Chamber of Commerce Tom Donahue wrote a letter to his board of directors on Thursday outlining the damage Trump’s trade policy could do to the economy. If the president ultimately decides to pull out of NAFTA, Donahue estimates as many as 2.6 million jobs could be lost. "The current approach – and the obvious retaliation that will occur in response – poses a serious risk of raising barriers and reducing Americans' access to vital global markets," Donahue wrote according to the Wall Street Journal, which reviewed the memo. "Our businesses will lose customers, workers will lose jobs, and American consumers will lose family income through higher taxes and higher prices."
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