Photo: Drew Angerer/Getty Images

The Federal Reserve has released a study that found the tariffs imposed by the Trump administration in 2018 led to higher prices and fewer manufacturing jobs.

The big picture: President Trump has ordered tariffs on a number of countries and a range of goods in a bid to protect manufacturers and correct what he sees as "unfair" trading practices — most notably in the United States' relationship with China.

The study from the Fed find thats overall, manufacturing production has not increased.

  • U.S. tariffs may have reduced competition domestically, but trading partners responded with retaliatory tariffs that may harm U.S. manufacturers "by decreasing their competitiveness in foreign markets."
  • "The traditional use of trade policy as a tool for the protection and promotion of domestic manufacturing is complicated by the presence of globally interconnnected supply chains," the Fed said.
  • "We find the impact from the traditional import protection channel is completely offset in the short-run by reduced competitiveness from retaliation and higher costs in downstream industries"

The top 10 industries affected by retaliatory tariffs: Magnetic and optical media, leather goods, aluminum sheet, iron and steel, motor vehicles, household appliances, sawmills, audio and video equipment, pesticides, and computer equipment.

The top 10 industries affected by higher prices: Aluminum sheet, steel products, boilers, forging, primary aluminum production, secondary aluminum smelting, architectural metals, transportation equipment, general purpose machinery and household appliances.

Go deeper: U.S. and China reach "phase one" trade deal to avert December tariffs

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of midnight ET: 19,792,519— Total deaths: 730,089 — Total recoveries — 12,060,877Map.
  2. U.S.: Total confirmed cases as of midnight ET: 5,044,821 — Total deaths: 162,938 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
  4. States: New York reports lowest rate of positive coronavirus test results since pandemic began
  5. Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020. 
  6. Schools: 97,000 children test positive for coronavirus in two weeks — Nine test positive at Georgia school where photo showing packed hallway went viral .

97,000 children test positive for coronavirus in two weeks

A boy has his temperature checked as he receives a free COVID-19 test in South Los Angeles in July. Photo: Mario Tama/Getty Images

At least 97,000 children tested positive for COVID-19 in the final two weeks of July and there's been an estimated 338,000 cases involving kids in the U.S. since the pandemic began, a new report finds.

Why it matters: The findings in the report by the American Academy of Pediatrics and the Children’s Hospital Association comes as schools and day cares look to reopen in the U.S., with New York Gov. Andrew Cuomo (D) announcing Friday that school districts in the state can reopen in the fall amid lower coronavirus transmission rates.

Updated 3 hours ago - World

Hong Kong media tycoon Jimmy Lai arrested under national security law

Media tycoon Jimmy Lai at the Next Digital offices in Hong Kong in June. Photo: Anthony Wallace/AFP via Getty Images

Hong Kong pro-democracy activist Jimmy Lai has been arrested for "collusion with foreign powers," said Mark Simon, an executive at the tycoon's media firm Next Digital Monday morning local time.

Why it matters: He was arrested under the new national security law that gives Beijing more powers over the former British colony. Lai is the most prominent person arrested under the law, which prompted the U.S. to sanction Chinese officials, including Hong Kong leader Carrie Lam, over Beijing's efforts to strip the territory of its autonomy.