Trump tariffs would lift US factory jobs, cut overall income, San Francisco Fed says

Assuming a 25% increase in U.S. tariffs on imports from Canada and Mexico, 30% levies on Chinese goods, and 10% on the rest of the world, economists at the regional Fed bank estimated a 0.2% drop in U.S. employment over the next four years, as a reduction in U.S. services and agricultural jobs overwhelms a projected jump in manufacturing employment. And while income adjusted for inflation would likely increase in 31 of the 50 states, they found, the rest - including large states like California and Texas - would see declines, resulting in an overall 0.4% drop in U.S. real income.