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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

Dead malls get new life

Illustration: Aïda Amer/Axios

Malls are becoming ghosts of retail past. But the left-behind real estate is being reimagined for a post-pandemic world.

Why it matters: As many as 17% of malls in the U.S. "may no longer be viable as shopping centers and need to be redeveloped into other uses," per Barclays.

White House now says Biden will move to increase refugee cap by May 15

Photo: Chip Somodevilla/Getty Images

The White House on Friday afternoon said President Biden plans to lift the Trump-era refugee cap by May 15.

Driving the news: The announcement follows stinging criticism from several Democrats and rights groups, who said Biden was walking back on his pledge to raise the limit. Earlier Friday, Biden signed a directive to speed up the processing of refugees, but kept the Trump administration's historically low cap of 15,000 refugees for this year.

Updated 2 hours ago - Politics & Policy

Suspect in FedEx shooting identified as 19-year-old former employee Brandon Hole

Crime scene investigators walk through the FedEx parking lot in Indianapolis the day after a mass shooting left nine dead, including the gunman, who took his own life. Photo: Jeff Dean/AFP via Getty Images.

The suspected gunman who killed at least eight people and wounded several others in Indianapolis before killing himself has been identified by local police as 19-year-old Brandon Hole, a former FedEx employee, a company spokesperson told the AP.

The latest: At least 100 people were in the FedEx warehouse at the time of the shooting, authorities said Friday. Indianapolis Metropolitan Police Department Deputy Chief Craig McCartt told reporters that Hole worked at FedEx through 2020. He did not specify the circumstances of Hole’s departure.

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