Study shows tariffs on China would hurt US jobs, economy
Source: The Hill
BY VICKI NEEDHAM - 05/01/18 09:39 AM EDT
President Trump’s proposed tariffs on Chinese imports, combined with retaliation promised by Beijing would hurt the economy and cause U.S. job losses, a new study showed on Tuesday.
Trump’s plan to impose at least $50 billion of Chinese imports would reduce U.S. economic growth by nearly $3 billion and cause 134,000 job losses, according to a new study by the Consumer Technology Association (CTA) and National Retail Federation (NRF). The report finds that four jobs would be lost for every job gained.
“As administration officials prepare to head to China for trade talks, the livelihoods of American workers hang in the balance,” said NRF President and CEO Matthew Shay. “We hope this is the start of a serious negotiation process that leads to a more open Chinese market and protects U.S. jobs and economic growth."
The study warns that imposing tariffs on an additional $100 billion of imports would come at a significant cost to the U.S. economy, killing 455,000 jobs and reducing economic growth by $49 billion.
Read more: http://thehill.com/policy/finance/385621-study-shows-tariffs-on-china-would-hurt-us-jobs-economy