(Bloomberg) — If the latest monthly manufacturing data suggests anything, it’s that President Donald Trump’s tariffs haven’t yet solved a key issue haunting U.S. steelmakers: China’s subsidizing of its own industry. Manufacturing jobs in December unexpectedly fell by 12,000 with a key part of the drop coming in businesses that make raw and fabricated metals. The metal-making industries accounted for a loss of 9,500 jobs, and U.S. industry groups say that without an agreement on the subsidies China is paying out more losses could be ahead. Trump is about to sign a Phase 1 trade pact that is not expected to address the issue of Chinese steel production and other aspects related to industrial policy. He has said that once that’s complete Phase 2 talks can begin. China’s subsidies are giving its metals industry an unfair edge and need to be part of any future pact, according to Scott Paul, president of the Alliance for American Manufacturing. “American workers are now counting on the administration to bring home a real agreement with China that includes action to address China’s massive industrial subsidies,” Paul said in a statement. “Without that change, this decade looks to...