Study Details Impact of TariffsMonday, February 11, 2019
(North American Meat Institute)
A new study commissioned by Tariffs Hurt the Heartland warns the U.S. economy could lose 2.2 million jobs and gross domestic product (GDP) could fall by more than one percent should existing U.S. tariffs remain in place or increase. The study estimates the combined impact of all tariffs and retaliatory measures would cost the average family of four an additional $2,400 for goods and services annually, thereby erasing all of the anticipated gains from the tax reform legislation President Donald Trump signed into law in 2017.
The report, which provides analysis for all 50 states, also evaluates the near-term effect of the administration’s proposal to increase tariffs to 25 percent on $200 billion worth of Chinese imports if an agreement to the ongoing trade dispute between the U.S. and China is not reached by the March 1 deadline.
The study finds that increasing tariffs to 25 percent, coupled with existing tariffs and retaliatory measures, would reduce employment by more 934,000 jobs, cost the average family of four $767 and reduce GDP by 0.37 percent.share on facebook share on twitter