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Tariffs Could Cost $605 Billion, Create 2.7 Million Jobs

10/7/2025

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Summary

Story summary

A study by Gary Glyde Hufbauer and Ye Zhang estimates tariffs could cost $605 billion annually.
That cost includes $348B from higher imports and $257B from costlier domestic production.
Tariffs could create about 2.7 million manufacturing jobs, costing about $225,000 per job per year.
Productivity has fallen since 2009, and the U.S. lags in robot use (285 per 10,000 workers).

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Story summary

A study by Gary Glyde Hufbauer and Ye Zhang estimates tariffs could cost $605 billion annually.
That cost includes $348B from higher imports and $257B from costlier domestic production.
Tariffs could create about 2.7 million manufacturing jobs, costing about $225,000 per job per year.
Productivity has fallen since 2009, and the U.S. lags in robot use (285 per 10,000 workers).