If President Trump increases tariffs on Chinese imports as planned next month, the U.S. economy would lose 934,000 jobs, according to an estimate published Wednesday by a pro-trade group.
“The trade war is already creating enormous economic loss, and this report shows how much worse it could get,” said Charles Boustany, a former congressman and spokesman for Tariffs Hurt the Heartland.
{mosads}The group’s projections also said gross domestic product (GDP) would drop by one-third of a percentage point if the new tariffs are enacted on March 1.
Trump imposed tariffs on billions of dollars’ worth of Chinese imports last year, and has threatened to increase them at the beginning of March if a new trade deal isn’t reached with China. Negotiations with China are expected to continue next week, with U.S. Treasury Secretary Steven Mnuchin scheduled to travel to China.
If China retaliates against the United States, as it has done in the past, U.S. job losses would increase to 2.1 million, and lop a full percentage point off GDP, costing the average family of four $2,294, according to the study.
The group presented its estimates on Capitol Hill alongside a bipartisan group of lawmakers that included Sens. Tom Carper (D-Del.), Mark Warner (D-Va.), Pat Toomey (R-Pa.) and Ron Johnson (R-Wis.).