New York CNN —President-elect Donald Trump campaigned on the promise to create more American jobs and protect existing ones. For example, higher tariffs could help boost American manufacturing jobs if more businesses decide they want their goods made domestically to avoid the added cost of importing. That’s because, in response to being subjected to higher tariffs, impacted nations would likely impose comparable tariffs on American goods, he said. That could significantly raise American businesses’ costs while also reducing demand for their goods. Many American companies experienced this during Trump’s first term as China responded with tit-for-tat tariffs on American imports.

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Persons: Donald Trump, Vance, Trump, Harry Holzer, Holzer, Elon Musk, Vivek Ramaswamy, ” Musk, Ramaswamy, Biden, ”, Tesla, Giacomo Santangelo, it’s, ” Santangelo Organizations: New, New York CNN, Trump, CNN, White House, Georgetown University, Brookings Institution, Department of Labor, Federal, Government, Justice Department, Education Department, Biden, Department of Energy, DOE, Federal Reserve Locations: New York, China