Name: Tariff-exposed industries are losing jobs
Uploaded: 2025-09-14T00:11:24.000Z
Duration: 3 min 46 s
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President Trump's trade war not inspiring a jobs boom.

In fact, it seems to be doing the opposite.

Adverbs of degree

Last week's dismal jobs report showed hiring is weak, just 22,000 jobs added last month.

The unemployment rate rose to the highest level in four years, and the industry's most exposed to tariffs, like manufacturing, are shedding jobs, not adding.

A deep dive now into all of this and what this means about the economy right now.

That was a dismal jobs report on Friday, but it was especially grim for those industries most exposed to tariffs, right?

Lost 6,000 jobs in August alone, 7,000 lost in construction.

Manufacturing and wholesale trade losing 12,000 jobs apiece in one month.

Apollo Global Management has found that if you look at those tariff-exposed industries, they started losing jobs shortly after this trade war started, and it's continued.

For example, U.S. manufacturing, it's lost jobs four months in a row.

You go back to April, that was the month that those sky-high tariffs really were first announced.

Employment was unchanged during that month.

So this is, of course, the exact opposite of what the White House is looking for, right?

They're trying to engineer this American manufacturing renaissance.

Economists say, at best, that effort is off to a slow start.

But at worst, it's actually backfiring completely, that it's been counterproductive, because first of all, you're causing a lot of uncertainty.

A lot of businesses, they don't know where tariffs are gonna be, and so they're kind of paralyzed.

What about short-term pain, long-term gain argument that we've heard over and over again from the White House?

We have definitely heard that, and one of the points there is a valid one, that they can't just make factories overnight, right?

That's what companies have been saying all along.

Right, but they're saying it's gonna take some time.

And look, I reached out to the White House, and they said that, look, that this administration has embarked on the most pro-growth economic agenda in modern history, and they said that as these policies and the trade deals really kick in, that the best is yet to come.

But look, surveys of manufacturers show that this is having some real problems, right?

The Texas Federal Reserve Bank, they asked manufacturers in that state how tariffs have impacted their business. 4%, only 4%, Kate, say that tariffs have had a positive impact.

The vast majority, 72%, say that it's been a negative.

It's also the tariffs on steel, on aluminum, on copper, and other critical inputs.

Those tariffs are actually making life more expensive for American manufacturing, right?

It's making it more expensive to make goods in the United States.

And there's some polls that show that voters are getting more concerned about the economy and the labor market in particular.

This is the New York Fed just yesterday put this survey out, showing that consumers think that there's just, on average, a 45% chance of getting a new job if they lose their current one, 45%.

That is significantly lower than in July, lower than at any point during the Biden administration, lower than at any point during the first Trump administration, and yes, the lowest since 2013.

So look, bottom line, the job market does seem to be in a significant slump, and tariffs appear to be part of the problem.

And if the best is yet to come, it's how long do consumers and anyone looking for a job and industries and manufacturers, how long do they have to wait in order to feel it?