The agriculture group Tariffs Hurt the Heartland commissioned a study on the impact of the trade was on the U.S. economy if the trade war with China picks up again in March, when a temporary truce between the countries runs expires.
The study shows the U.S. economy could lose up to 2.2 million jobs and the average family of four would pay an extra $2,400 for goods and services every year.
The study was prepared by the firm Trade Partnership Worldwide. It considered four scenarios, including the worst-case possibility in which new tariffs are slapped on auto imports, as well as all Chinese goods getting hit with a 25 percent tariff.
The report says:
“In some instances, the tariff actions erase all of the anticipated gains from tax reform.”
Republican and Democratic senators held a news conference this week at the Capitol to discuss the trade study and share stories from constituents that have been hurt by the trade war.
U.S. Trade Representative Robert Lighthizer went before Congress this week and heard a lot about the need to remove the tariffs on aluminum and steel imports.
Senate Finance Chair Chuck Grassley told reporters after the 90-minute meeting with Lighthizer that:
“It was made very clear that the aluminum and steel tariffs should go before Congress takes up the USMCA agreement.”