Economic uncertainty from President Donald Trump’s tariffs could cost the U.S. manufacturing sector more than $490 billion in investments by 2029, according to a recent Joint Economic Committee – Minority report.
The Trump administration has made nearly 100 tariff policy decisions since April. In that same time frame, the United States has lost 37,000 manufacturing jobs. Hiring in the manufacturing sector is at the lowest level in nearly a decade, and manufacturing construction spending has been declining since Trump took office.
The economic uncertainty experienced in April alone could result in a 1 percent reduction in manufacturing investment annually, the report found. This would be result in a more than $42 billion loss by 2029.
Prolonged economic uncertainty could result in more than a 13 percent decrease in manufacturing investment annually that would total more than $490 billion by 2029.
“Strengthening American manufacturing is critical to the future of our economy and our national security,” Joint Economic Committee Ranking Member Maggie Hassan (D-NH) said. “While President Trump promised that he would expand our manufacturing sector, this report shows that, instead, the chaos and uncertainty created by his tariffs has placed a burden on American manufacturers that could weigh our country down for years to come.”