The Journal. The Tariff Trade Off: Jobs vs. Higher Prices
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Apr 8, 2025 Explore the rise and fall of Newberry, South Carolina, as it grapples with job losses from factory closures. Discover how strategic investments, like Samsung's $380 million bet, aim to reignite local manufacturing. Dive into the debate surrounding tariffs and their promise to boost jobs while also potentially raising prices for consumers. Unravel the intricate balance of trade policies and their real-world consequences, sparking a conversation on the complexities of revitalizing American manufacturing in today's economy.
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Newberry's Economic Turnaround
- Newberry, South Carolina, lost 300 jobs when Caterpillar closed its factory in 2016.
- Samsung later opened a washing machine factory there, creating over 1,500 jobs and boosting the local economy.
Trump's Vision for Manufacturing
- Trump's tariff policy aims to revive U.S. manufacturing towns.
- These towns historically specialized in industries like steel, furniture, or textiles, offering well-paying jobs and a path to the middle class.
Impact of Washing Machine Tariffs
- Trump's washing machine tariffs led to a 12% price increase, averaging $86 per washer.
- Importers passed on some of the tariff costs to consumers, impacting American families.