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 BoustanyLobbying world March tariff increase would cost 934K jobs, advocacy group says Bottom Line 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 Mnuchin The Hill's Coronavirus Report: Association of American Railroads Ian Jefferies says no place for hate, racism or bigotry in rail industry or society; Trump declares victory in response to promising jobs report Trump signs bill giving businesses more time to spend coronavirus loans The Hill's Coronavirus Report: BIO's Michelle McMurry-Heath says 400 projects started in 16 weeks in biotech firms to fight virus, pandemic unemployment total tops 43 million 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 CarperTrump signs order removing environmental review of major projects GOP votes to give chairman authority to subpoena Obama officials Democratic senator to skip vote on Obama-era subpoenas MORE (D-Del.), Mark WarnerMark Robert WarnerVirginia senator calls for Barr to resign over order to clear protests Trump asserts his power over Republicans Expanding tax credit for businesses retaining workers gains bipartisan support MORE (D-Va.), Pat ToomeyPatrick (Pat) Joseph ToomeyGOP senators push for quick, partial reopening of economy NSA 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 MORE (R-Pa.) and Ron JohnsonRonald (Ron) Harold JohnsonGraham postpones Russia probe subpoena vote as tensions boil over GOP votes to give chairman authority to subpoena Obama officials Democratic senator to skip vote on Obama-era subpoenas MORE (R-Wis.).