Fed economists admits the obvious "Tariffs likely to kill jobs".
On occasion, Fed economists get things correct even if the voting members get things backward.
For example, New York Fed economists ask and answer the question: Will New Steel Tariffs Protect U.S. Jobs?
Consider this a guest post courtesy of New York Fed researchers Mary Amiti, Sebastian Heise, and Noah Kwicklis. As such I will dispense with blockquotes.
Will New Steel Tariffs Protect U.S. Jobs?
Although the tariffs were introduced under a national security argument, most U.S. imports are actually sourced from U.S. allies. The chart below shows that the largest supplier of steel to the United States is the European Union, accounting for more than 20 percent of its total steel imports. Countries for which the tariff is currently not applied account for 67 percent of U.S. steel imports, although this figure may change as negotiations with the currently exempt countries proceed. What is striking about this chart is the very small share, only 3.5 percent, originating from China. One reason for these trade patterns is that a large portion of imported steel, particularly from China, is already covered by special tariffs.