Moody’s Economist Says US Could Lose 150,000 Jobs in Trade Retaliation

The United States may lose up to 150,000 jobs if its trade partners were to react with a “proportional response” to U.S. President Donald Trump’s proposed tariffs on imported steel and aluminum, Moody’s Analytics’ chief economist Mark Zandi said on Wednesday.

If these trade partners were to refrain from responding, possible U.S. job losses, mostly in manufacturing, would be fewer in the 50,000 to 60,000 range. Those layoffs would be offset by a projected 10,000 to 15,000 in hiring by domestic steel and aluminum producers, Zandi said.

Zandi was speaking on a conference call to reporters after the release of the ADP National Employment Report for February earlier Wednesday, which showed a 235,000 increase in private hiring.

The ADP jobs report was jointly developed by ADP Research Institute and Moody’s Analytics.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza