March tariff increase would cost 934K jobs, advocacy group says

March tariff increase would cost 934K jobs, advocacy group says
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“The trade war is already creating enormous economic loss, and this report shows how much worse it could get," said Charles BoustanyCharles William BoustanyMarch tariff increase would cost 934K jobs, advocacy group says Bottom Line On The Money: US adds 155k jobs in November | Unemployment holds at 3.7 percent | Wage growth strengthening | Trump signs stopgap spending bill delaying shutdown MORE, a former congressman and spokesman for Tariffs Hurt the Heartland.
 
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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 MnuchinSteven Terner MnuchinSchumer seeks focus on health care amid impeachment fever The Hill's Morning Report - Trump grapples with Turkey controversy Trump hypes China trade deal as new doubts emerge MORE 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 CarperThomas (Tom) Richard CarperInstead of raising the gas tax, stop wasting money on frivolous projects To stave off a recession, let's pass a transportation infrastructure bill Overnight Energy: Trump tweets he's revoking California's tailpipe waiver | Move comes as Trump visits state | California prepares for court fight | Climate activist Greta Thunberg urges lawmakers to listen to scientists MORE (D-Del.), Mark WarnerMark Robert WarnerSchumer seeks focus on health care amid impeachment fever Yang compares U.S. election tampering to Russia's election interference efforts Mark Warner nominates Bryan Cranston to play him in a movie MORE (D-Va.), Pat ToomeyPatrick (Pat) Joseph ToomeyNSA improperly collected US phone records in October, new documents show Overnight Defense: Pick for South Korean envoy splits with Trump on nuclear threat | McCain blasts move to suspend Korean military exercises | White House defends Trump salute of North Korean general WH backpedals on Trump's 'due process' remark on guns MORE (R-Pa.) and Ron JohnsonRonald (Ron) Harold JohnsonSondland could provide more clues on Ukraine controversy 10 top Republicans who continue to deny the undeniable GOP braces for impeachment brawl MORE (R-Wis.).