President Donald Trump recently imposed 25 percent steel and aluminum tariffs to restore fairness in global trade and protect domestic producers.
The United States’ dependence on manufacturing as a source of growth has waned over the years. Today, manufacturing accounts for about 10 percent of GDP, down from 13 percent 20 years ago—and as much as 25 percent of GDP in the 1950s, according to an analysis published in November 2024 by Coalition for a Prosperous America, a nonprofit representing domestic manufacturers, using World Bank data.
The administration might be striving to return to the times when industrial output contributed more to America’s growth prospects.
As the worldwide economy braces for these levies to go into effect next month, industry experts and economic observers are debating the efficacy of the president’s trade pursuits.
The White House, meanwhile, may be looking at recent data and broader market developments. […]
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