President-elect Donald Trump touted his tariff plan on the campaign trail. He says it will cause manufacturing jobs to return to the United States.

On the latest episode of Capitol Gains, Oxford Economics U.S. Chief Economist Ryan Sweet joins host Rachelle Akuffo, Washington Correspondent Ben Werschkul, and senior columnist Rick Newman to discuss Trump’s tariffs and whether or not they will ramp up manufacturing in the US.

“There’s a myth that imposing tariffs is going to eliminate the trade deficit in the US,” Sweet tells the Capitol Gains team. “That’s just not gonna happen.”

While some industries have started to move back to the US like microchips, personal protective equipment, pharmaceuticals, and biomedicals, American consumers simply buy much more that is imported than what can be produced domestically.

Sweet says what will happen, though, is that tariffs under a second Trump administration will cause businesses to diversify their supply chains instead of bringing "labor intensive" manufacturing to the US.

“They’re going to take more and more of their eggs out of China. It’s going to go to Taiwan, Vietnam, Mexico, other parts of Central and South America. You’re gonna bring more supply chains closer to home and I think that is going to be more noticeable than all these manufacturing jobs coming back to the US.”

To find out more, listen to the full episode of Capitol Gains here.

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This post was written by Lauren Pokedoff.