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 MnuchinDems plot next move in Trump tax-return battle On The Money: House Dem says marijuana banking bill will get vote in spring | Buttigieg joins striking Stop & Shop workers | US home construction slips in March | Uber gets B investment for self-driving cars Former Sears holding company sues ex-CEO, Mnuchin and others over 'asset stripping' 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 CarperDem senators launch Environmental Justice Caucus Only four Dem senators have endorsed 2020 candidates Koch network launches ad campaign opposing Trump's proposed gas tax MORE (D-Del.), Mark WarnerMark Robert WarnerDems reject Barr's offer to view Mueller report with fewer redactions GOP senators divided on Trump trade pushback Hillicon Valley: Trump unveils initiatives to boost 5G | What to know about the Assange case | Pelosi warns tech of 'new era' in regulation | Dem eyes online hate speech bill MORE (D-Va.), Pat ToomeyPatrick (Pat) Joseph ToomeyOvernight 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 Top GOP candidate drops out of Ohio Senate race MORE (R-Pa.) and Ron JohnsonRonald (Ron) Harold JohnsonGOP senator: 'No problem' with Mueller testifying The Hill's Morning Report — Category 5 Mueller storm to hit today GOP senators double down on demand for Clinton email probe documents MORE (R-Wis.).