Dec 13 (LTIT) –The recent study report published by the Economic Policy Institute stated that U.S tariffs on steel and aluminum has not hurt the economy or resulted in severe job losses. The study noted that there was no evidence of broad, negative impacts on the economy due to hefty steel and aluminum tariffs imposed by the Trump administration against foreign countries.

Ever since the announcement of 10% tariffs on aluminum products in March this year, three smelters have restarted operations. Furthermore, one smelter has announced significant capacity expansion. The U.S aluminum companies have created around 300 new jobs during this period. Also, the industry attracted approximately $3.3 billion in fresh investments, which in turn is expected to create at least 2,000 new jobs. As per labor Department official data, the overall U.S. manufacturing sector added more than 200,000 jobs since the implementation of tariffs, the report said.

The latest government data indicates that aluminum tariffs increased by $124 million in October 2018, when compared with the previous year.