Goldman Sachs are wary of 500K of US job losses due to tariffs

Goldman Sachs sought out academic studies on how tariffs impact:

• The broader statistical evidence points to negative net employment effects.
• While the range of estimates is wide, academic studies generally find that a 1Opp increase in tariff rates raises employment in protected industries by 0.2-0.4% but that each 1pp increase in tariff-driven costs lowers employment by 0.3-0.6%.
• Scaling these estimates to the US economy imply a boost of just under 100k to manufacturing employment from tariff protection but a roughly 500k drag on downstream employment from input cost pressures.

Bolding is mine. Manufacturing jobs added, around +100K, but the wider impact is negative, 500K of job losses.