Trump’s tariffs aren’t raising prices, but they are shrinking America’s manufacturing workforce

President Donald Trump’s tariff agenda hasn’t caused increased inflation, as predicted by many economists, but it does appear to be having one unintended consequence: shrinking America’s manufacturing workforce.

Though Trump didn’t make good on his campaign promise to wipe out post-pandemic price spikes immediately upon entering office, economic forecasts claiming the president’s tariffs would drive inflation even higher have simply not come to pass. Prices across most sectors have remained relatively stagnant since January 2025 and even dropped significantly in some sectors, most notably gas prices which now average below $3 per gallon in more than 40 states.

Still, Trump and his allies claimed that a core driver of the tariff agenda was to rebuild America’s manufacturing base, but, after one year, they appear to be