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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 BoustanyPartial disengagement based on democratic characteristics: A new era of US-China economic relations Lobbying world March tariff increase would cost 934K jobs, advocacy group says 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 MnuchinPence delivers coronavirus task force report to Biden Treasury imposes additional sanctions on Cuba over allegations of 'serious human rights abuse' Treasury Department sanctions inner circle of Russian agent Derkach for election interference 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 CarperSenators vet Mayorkas to take lead at DHS Senate majority offers Biden new avenues on Trump environmental rollbacks OVERNIGHT ENERGY: Senate majority offers Biden new avenues on Trump environmental rollbacks | Democrats eye action on range of climate bills | Biden pushing to cancel Keystone XL pipeline as soon as he takes office: reports MORE (D-Del.), Mark WarnerMark Robert WarnerThe next pandemic may be cyber — How Biden administration can stop it Bipartisan Senate gang to talk with Biden aide on coronavirus relief Social media posts, cellphone data aid law enforcement investigations into riots MORE (D-Va.), Pat ToomeyPatrick (Pat) Joseph ToomeyGovernment used Patriot Act to gather website visitor logs in 2019 Appeals court rules NSA's bulk phone data collection illegal Dunford withdraws from consideration to chair coronavirus oversight panel MORE (R-Pa.) and Ron JohnsonRonald (Ron) Harold JohnsonGOP senators call for commission to investigate Capitol attack Wisconsin Democrats make ad buy calling on Johnson to resign Efforts to secure elections likely to gain ground in Democrat-controlled Congress MORE (R-Wis.).