Trump’s China tariffs risk costing 134,000 US jobs, mostly in farming sector, new study says
For every US job gained, four would be lost, according to study commissioned by trade groups
US President Donald Trump says his trade actions may cause “a little pain” in the short term, and a new study shows US agricultural workers could be hurt the most.
The tariffs on US$50 billion in Chinese imports that Trump has proposed, plus promised retaliatory duties by China, would reduce US gross domestic product by US$2.9 billion and cost almost 134,000 US jobs, according to a study commissioned by the Consumer Technology Association and the National Retail Federation, which oppose the tariffs. That includes more than 67,000 jobs in agriculture.
As Commerce Secretary Wilbur Ross, Treasury Secretary Steven Mnuchin and other administration officials head to China this week for trade talks, the study shows the estimated impact on the American economy if the tariffs are imposed and a trade war ensues, the groups said.
“We must resolve this dispute without resorting to job-killing tariffs and retaliation,” National Retail Federation President and Chief Executive Officer Matthew Shay said in a statement.