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Tariffs against China could destroy US jobs: Study
04 May '18
2 min read
The Donald Trump administration recently proposed tariffs on $50 billion of Chinese imports, coupled with retaliation promised by China, would reduce US gross domestic product (GDP) by nearly $3 billion and destroy 134,000 American jobs, according to a new study. It further adds that four jobs will be lost in the US for every job gained.
The study conducted by the National Retail Federation (NRF) and the Consumer Technology Association (CTA) warns that imposing tariffs on an additional $100 billion of Chinese imports would come at a significant cost to the US economy, destroying 455,000 jobs and reducing GDP by $49 billion.
“As administration officials prepare to head to China for trade talks, the livelihoods of American workers hang in the balance,” NRF president and CEO Matthew Shay said. “We hope this is the start of a serious negotiation process that leads to a more open Chinese market and protects US jobs and economic growth. We must resolve this trade dispute without resorting to job-killing tariffs and retaliation.”
“Tariffs could wash away the benefits recent tax reform will have on the economy, bringing uncertainty to American businesses and devastation to some workers in key states – they might lose their jobs over a trade tax,” CTA president and CEO Gary Shapiro said. “Rising costs on farmers, manufacturers and service providers isn’t the answer; it shows protectionism will weaken America. We are encouraged by treasury secretary Mnuchin and US trade representative Robert Lighthizer’s visit to China and wish them success addressing China's problematic trade barriers. We believe it is best for the administration to seize on China's willingness to negotiate to achieve positive outcomes for US workers, rather than via tariffs that ultimately harm us.”
The study also details the employment impact of tariffs at the state level. The ten states that would suffer the highest job losses are California, Texas, Florida, Washington, New York, Georgia, Missouri, Pennsylvania, North Carolina and Ohio. (KD)
The study conducted by the National Retail Federation (NRF) and the Consumer Technology Association (CTA) warns that imposing tariffs on an additional $100 billion of Chinese imports would come at a significant cost to the US economy, destroying 455,000 jobs and reducing GDP by $49 billion.
“As administration officials prepare to head to China for trade talks, the livelihoods of American workers hang in the balance,” NRF president and CEO Matthew Shay said. “We hope this is the start of a serious negotiation process that leads to a more open Chinese market and protects US jobs and economic growth. We must resolve this trade dispute without resorting to job-killing tariffs and retaliation.”
“Tariffs could wash away the benefits recent tax reform will have on the economy, bringing uncertainty to American businesses and devastation to some workers in key states – they might lose their jobs over a trade tax,” CTA president and CEO Gary Shapiro said. “Rising costs on farmers, manufacturers and service providers isn’t the answer; it shows protectionism will weaken America. We are encouraged by treasury secretary Mnuchin and US trade representative Robert Lighthizer’s visit to China and wish them success addressing China's problematic trade barriers. We believe it is best for the administration to seize on China's willingness to negotiate to achieve positive outcomes for US workers, rather than via tariffs that ultimately harm us.”
The study also details the employment impact of tariffs at the state level. The ten states that would suffer the highest job losses are California, Texas, Florida, Washington, New York, Georgia, Missouri, Pennsylvania, North Carolina and Ohio. (KD)
Fibre2Fashion News Desk – India
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