The USITC March 2023 report showed that the Section 301 and 232 tariffs boosted production in all twelve of the industries studied. The report shows that price increases in the product categories targeted with tariffs were in the 3%-4% range, contrary to mainstream media narrative—most of the tariffs targeted intermediate (industrial) goods. Downstream goods, including consumer goods, saw barely visible tariff-related price increases. The report estimates downstream price increases due to steel and aluminum tariffs at 0.2%. Section 232 steel tariffs unleashed a huge wave of steel investment, likely creating some 20,000 direct jobs.

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