President Trump’s 25 percent tariff on some imported steel “is likely to cost more jobs than it saves,” according to the Federal Reserve Bank of New York.

The tax, which Trump ordered last month, is likely to hit US workers whose companies buy steel — even if they buy American, according to the branch of the central bank.

“A tariff increases the price of imported steel, and it enables domestic steel producers to also increase their price,” the report, written by economists Mary Amiti, Sebastian Heise and Noah Kwicklis, argued.

In other words, US steel manufacturers will have more room to hike their prices because they’ll still be cheaper than the imports.

That, in turn, could squeeze US companies that make motorcycles, auto parts makers and home appliances — and force them to lay off employees to offset the costs, according to the report.

While the tariffs don’t hit some allies, like Canada or Mexico, they do affect China, whose steel makes up about 3.5 percent of all imports.

In 2002, President George W. Bush hiked steel taxes by 30 percent, which contributed to 200,000 job losses, according to a 2003 study by the Consuming Industries Trade Action Coalition, a trade group.