Business Forward report explains the damage from the Trump trade war

Washington, D.C.-based Business Forward has released a new report, “Unpacking the Economic Harm of Trump’s Tariffs: Higher Prices, Bad Faith, Litigation, Retaliation, Escalation, and Uncertainty,” that explains how the nearly 2-year-old Trump trade war is harming U.S. manufacturers, farmers, ranchers, exporters, and consumers.

According to the organization, the immediate costs are higher prices, layoffs, and lost growth. The long-term costs are likely bigger: global companies, worried about Trump’s trade war, are going to shift investments from the U.S. to markets facing fewer tariffs and with more dependable leadership.

“The Trump trade war is a losing strategy,” said Business Forward President Jim Doyle. “It is leading to higher prices for American producers and consumers, bad faith with our trading partners, and less investment in the U.S.”

The report follows the news last week that Business Forward’s latest steel index shows U.S. steel prices have risen 11 percent since February, while competitors’ prices have fallen 4.8 percent.