Job losses
But what about the impact of tariffs on job creation? Surprisingly, an increase in import taxes has been found to result in slightly more unemployment across countries.
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An example provided by Irwin at Dartmouth College points to one plausible explanation — and it has to do with the steeper cost of imported goods.
 
“A number of studies have shown, on net, we lost jobs from the (2018) steel tariffs rather than gained jobs because there are more people employed in the downstream user industries than in the steel industry itself,� he said.
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A study by the Federal Reserve Board found that a rise in input costs resulting from US tariff hikes in 2018-19 led to job losses in American manufacturing. The damage from those higher expenses was compounded by retaliatory taxes on US exports, more than offsetting a small boost to manufacturing employment from US tariffs — at least so far, the 2024 paper said.
 
Retaliation by other countries is indeed another danger of pulling the tariff lever. Higher tariffs on American exports would typically raise their prices for foreign consumers, hitting demand for the goods in many cases.
 
When Trump announced new tariffs this year, America’s major trading partners were quick to strike back with their own levies, although the US then agreed a temporary truce with China and the European Union.
 
Costs of free trade
While economists generally agree that free trade has benefited the global economy in recent decades, they acknowledge that it comes with certain costs.
 
One is the loss of jobs in communities that are particularly exposed to new competition from foreign manufacturers.
 
That is similar to the impact of technological progress on workers. “Manufacturing jobs as a share of the labor force have come down everywhere. It isn’t a US-specific story,� said Gimber at JPMorgan Asset Management, pointing to automation.
 
He drew a parallel between helping workers affected by higher imports and what is known as a just transition — the idea that the drastic changes needed to move toward a greener economy should be fair to everyone and minimize harm to workers and communities.
 
In both cases, providing workers in impacted industries with new skills or retraining them could be key, Gimber said.
 
Another potential cost of free trade is dependency on far-flung manufacturers. That took on new relevance during the pandemic, which snarled global supply chains, contributing to shortages of products such as face masks and respirators in the US and elsewhere.
 
However, economists do not typically see tariffs as a good way to build up domestic manufacturing, Fatas at INSEAD said, noting that subsidies for specific industries are viewed as a better tool “because they work more directly.�
 
But perhaps the strongest argument in favor of free trade is its importance to maintaining peace between nations.
 
As Gimber’s colleague David Kelly noted in March, closer trade relations give countries more to lose in any conflict.

The latest Barbie slays in a chic blue polka-dot crop top, ruffled miniskirt, chunky heels and an insulin pump. She is the brand’s first doll with type 1 diabetes.
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Dollmaker Mattel worked with Breakthrough T1D, formerly known the Juvenile Diabetes Research Foundation, to design the doll, which aims to represent the roughly 304,000 kids and teens living with type 1 diabetes in the United States.
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The doll launched Tuesday at the Breakthrough T1D Children’s Congress, a three-day event in Washington that brings in kids and teens living with the condition to meet with lawmakers. This year, they’re asking Congress to renew funding for the Special Diabetes Program, which was first allocated by Congress in 1997. The program’s current funding ends after September.
 
The advocacy efforts have taken on new urgency this year. With so many deep cuts to federally funded projects in recent months, Breakthrough T1D said it’s anxiously watching to see if this funding will be reupped.
 
Type 1 diabetes is an autoimmune disease, meaning the body mistakenly attacks its own organs and tissues. In this case, rough antibodies go after cells in the pancreas that make insulin, an essential hormone that helps the body turn food into energy. As a result, the body doesn’t make enough of its own insulin, so people have to take insulin by injection or though a pump to survive.
 
Type 1 diabetes is typically diagnosed in childhood but can be diagnosed in anyone at any age. It differs from type 2 diabetes, in which people are still able to make insulin but their cells stop responding to it.
 
In addition to the insulin pump that attaches to the new Barbie’s waist, the chestnut-haired beauty has a continuous glucose monitor on her arm – a button held on by a strip of heart-shaped Barbie-pink tape. Her cell phone displays an app that shows her glucose readings. She also has a light blue purse to hold her supplies and snacks to help her manage her blood sugar throughout the day. It matches her shoes, of course.

Rescuers are hailing as a “four-legged hero� a furry Chihuahua whose pacing atop an Alpine rock helped a helicopter crew find its owner, who had fallen into a crevasse on a Swiss glacier nearby.
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The man, who was not identified, was exploring the Fee Glacier in southern Switzerland on Friday when he broke through a snow bridge and fell nearly 8 meters (about 26 feet), according to Air Zermatt, a rescue, training and transport company.
 
Equipped with a walkie-talkie, the man connected with a person nearby who relayed the accident to emergency services. But the exact location was unknown. After about a half-hour search, the pacing pooch caught the eye of a rescue team member.
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As the crew zeroed on the Chihuahua, the hole the man fell into became more visible. Rescuers rappelled down, rescued the man and flew him and his canine companion to a hospital.
 
“Imagine if the dog wasn’t there,� Air Zermatt spokesman Bruno Kalbermatten said by phone. “I have no idea what would happen to this guy. I think he wouldn’t survive this fall into the crevasse.�
 
On its website, the company was effusive: “The dog is a four-legged hero who may have saved his master’s life in a life-threatening situation.�

What struck Scott Bennett most were the razor clams.
 
The long saltwater clams, resembling old-fashioned razors, normally burrow into sand to avoid predators. But when Bennett, an ecologist, visited South Australia’s Great Southern Reef last month, he saw thousands of them rotting on the sea floor.
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“100% of them were dead and wasting away on the bottom,� Bennett told CNN.
 
Since March, a harmful algal bloom, fueled by a marine heat wave, has been choking South Australia’s coastline, turning once-colorful ecosystems filled with thriving marine life into underwater graveyards.
 
The bloom has killed about 15,000 animals from over 450 species, according to observations on the citizen science site iNaturalist. They include longfinned worm eels, surf crabs, warty prowfish, leafy seadragons, hairy mussels and common bottlenose dolphins.
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The algae have poisoned more than 4,500 square kilometers (1,737 square miles) of the state’s waters – an area larger than Rhode Island – littering beaches with carcasses and ravaging an area known for its diversity.
 
It’s “one of the worst marine disasters in living memory,� according to a report by the Biodiversity Council, an independent expert group founded by 11 Australian universities.
 
The toxic algal bloom has devastated South Australia’s fishing industry and repelled beachgoers, serving as a stark warning of what happens when climate change goes unchecked.
 
Once a bloom begins, there is no way of stopping it.
 
“This shouldn’t be treated as an isolated event,� Bennett said. “This is symptomatic of climate driven impacts that we’re seeing across Australia due to climate change.�

Unity and BrightBuilt factory-built homes share an important feature: They are airtight, part of what makes them 60% more efficient than a standard home. GO Logic says its homes are even more efficient, requiring very little energy to keep cool or warm.
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“Everybody wants to be able to build a house that’s going to take less to heat and cool,� said Unity director Mark Hertzler.
 
Home efficiency has other indirect benefits. The insulation and airtightness – aided by heat pumps and air exchangers – helps manage the movement of heat, air and moisture, which keeps fresh air circulating and mold growth at bay, according to Hertzler.
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Buntel, a spring allergy sufferer, said his Somerville home’s air exchange has made a noticeable difference in the amount of pollen in the house. And customers have remarked on how quiet their homes are, due to their insulation.
 
“I’m from New England, so I’ve always lived in drafty, uncomfortable, older houses,� Buntel said. “This is really amazing to me, how consistent it is throughout the year.�
Some panelized home customers are choosing to build not just to reduce their carbon footprint, but because of the looming threat of a warming planet, and the stronger storms it brings.
 
Burton DeWilde, a Unity homeowner based in Vermont, wanted to build a home that could withstand increasing climate impacts like severe flooding.
 
“I think of myself as a preemptive climate refugee, which is maybe a loaded term, but I wasn’t willing to wait around for disaster to strike,� he told CNN.
 
Sustainability is one of Unity’s founding principles, and the company builds houses with the goal of being all-electric.
 
“We’re trying to eliminate fossil fuels and the need for fossil fuels,� Hertzler said.
 
Goodson may drill oil by day, but the only fossil fuel he uses at home is diesel to power the house battery if the sun doesn’t shine for days. Goodson estimated he burned just 30 gallons of diesel last winter – hundreds of gallons less than Maine homeowners who burn oil to stay warm.
 
“We have no power bill, no fuel bill, all the things that you would have in an on-grid house,� he said. “We pay for internet, and we pay property taxes, and that’s it.�