A pro-trade group recently released an estimate that the U.S. economy could lose about 934,000 jobs should the Trump Administration follow through with a plan to increase tariffs on China in March. According to The Hill, these tariffs could result in both job loss and a decrease in the gross domestic product of the U.S. for the month of March.
“The trade war is already creating enormous economic loss, and this report shows how much worse it could get," said Charles Boustany, a former congressman and spokesman for Tariffs Hurt the Heartland.
The proposed increase in tariffs on Chinese imports would follow a pattern of tariffs worth about billions of dollars that were imposed in the past year. Similar to before, it is likely that China could retaliate and worsen the problem for the U.S. economy.
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.
U.S. Treasury Secretary Steve Mnuchin is expected to travel to China next week to continue trade negotiations, The Hill reported.
President Donald Trump remains confident that his tariffs scheme will work, and China will eventually agree to a mutually beneficial deal.
He noted the country's economic troubles in a tweet last month, writing that Beijing should "stop playing around."