2/3 of new manufacturing jobs are thanks to foreigners

A significant majority of the 656,000 new manufacturing jobs created between 2010 and 2014 can be attributed to investment from countries like Japan, the U.K., and Germany, according to a Reuters analysis.

Why it matters: President Trump and some of his advisers are "hell-bent on imposing tariffs — potentially in the 20% range — on steel, and likely other imports," Axios reported Friday morning, though the majority of his cabinet opposes the plan. Trump's complaints about unfair trade practices are not unfounded, but there's a reason why trade arrangements are hard to reform: Attempts to gain advantage at the expense of trade partners risks upsetting cross-border supply chains that support millions of jobs. And it's states in Trump's southeast stronghold, like South Carolina, that have the most to lose economically from disrupted global supply networks.