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 MnuchinTreasury staffer quits after being implicated in college admissions scandal: report China doesn't need World Bank's loans, just as Trump says Trump admin hits Iranian shipping network, airline with new sanctions 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 CarperLobbying World Overnight Energy: BLM staff face choice of relocation or resignation as agency moves | Trump says he's 'very much into climate' | EPA rule would expand limits on scientific studies Democrats give Warren's 'Medicare for All' plan the cold shoulder MORE (D-Del.), Mark WarnerMark Robert WarnerTikTok chief cancels Capitol Hill meetings, inflaming tensions Watchdog report finds FBI not motivated by political bias in Trump probe Ex-Rep. Scott Taylor to seek old Virginia seat 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 JohnsonDemocrats seek leverage for trial Overnight Defense: House passes compromise defense bill | Turkey sanctions advance in Senate over Trump objections | Top general says military won't be 'raping, burning and pillaging' after Trump pardons Senate panel advances Turkey sanctions bill despite Trump objections MORE (R-Wis.).