A new study estimates that President Trump’s trade war with China caused the loss of up to 245,000 American jobs.
The study from the US-China Business Council (USCBC) and Oxford Economics said a moderate reduction of tariffs on both sides could lead to an additional 145,000 US jobs and an increase in $160 billion GDP by 2025.
The USCBC is an organization that promotes US-China trade relations and is made up of about 200 US companies that do business in China. The USCBC announced the study in a press release titled, “Decoupling with China Not Economically Viable For Americans.”
“What we’ve seen over the past few years is that raising tariffs does little more than raise costs for American families and shrink their opportunities,” said USCBC President Craig Allen.
The study comes as the Biden administration is deciding how to pursue trade policy with China. In December, Joe Biden said that he does not plan to “immediately” lift tariffs on Chinese goods or scrap President Trump’s Phase One trade deal.
Allen and the USCB are hoping Biden acts to lift tariffs. “If we don’t find ways outside of self-defeating tariff measures to address differences with China, American workers will continue to suffer,” Allen said.
MAGA
Trump did well here. US companies wish to hire foreign workers who work for less. And China wishes to dominate technologically; so, China wants everything produced in China.
Many economies are building themselves with protectionist trade. The US just has no interest in preserving its high standard of living.
Your understanding of economics reminds me of Schwarzkopf’s estimate of Saddam’s understanding of military strategy.
China was buying all the important chips from the US and yet producing goods less expensively, while the US companies made the profits and off-shored them. When the supply was stopped suddenly China realised that the US was no longer dependable as a commercial partner.
Not bad. How many jobs did our rich asshole elite CEOs and shareholders move to China in the first place? 10 million? 20 million? Hire local. End of story. Stop giving China’s dictatorship money to buy weapons you greedy parasites.
Interesting that everyone is pushing “Free” trade while the entire reason that China grew so much is fierce protectionism and massive theft, cheating and the occasional kidnapping of foreign executives.
“We ignore the nationality of capital at our own peril” -Thing 8: Capital has a Nationality , 22 Things they Don’t Tell You About Capitalism” by Economist Ha-Joon Chang . Dave DeCamp just quotes a trade organization. . Not satisfactory to a proper conclusion.