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Waste & Recycling July 09, 2018 10:30:41 AM

CTA Hints At Drastic Decline in U.S. Economic Output and Industry Jobs

Paul Ploumis
ScrapMonster Author
In the worst-case scenario, the total U.S. output would decline by $49 billion and nearly 455,000 workers could lose their jobs.

CTA Hints At Drastic Decline in U.S. Economic Output and Industry Jobs

SEATTLE (Scrap Monster): The recent study conducted by the Consumer Technology Association (CTA) in association with the National Retail Federation provides detailed estimates of the impacts of trade tariffs on the U.S. economy. The study warns that the U.S. businesses, workers and consumers are likely to pay the price under this policy. Incidentally, the first round of U.S. administration’s $50 billion tariffs on imports from China is already in effect since early-July this year.

In response to observations by the U.S. Trade Representative (USTR) on adverse impacts of Chinese policies on U.S. companies, President Trump had ordered to formulate a list of $50 billion of products imported from China which are to be charged 25% duties. The list was published in early-April. In retaliation, China also published a list comprising of 108 products of nearly $50 billion worth of U.S. exports, to be charged with 25% tariffs. Further aggravating the trade war between the countries, the Trump administration on April 5 instructed USTR to identify additional products worth $100 billion to be charged with tariffs.

ALSo READ: Consumer Technology Association Spotlights Ruinous Impacts of U.S. Tariffs

The study notes that the U.S. tariffs and the Chinese retaliation measures would hurt U.S. farmers, factory workers and workers in construction and service sectors. Overall, the U.S. output would decline by nearly $3 billion, leading to job losses for nearly 134,000 workers, most of them less-skilled workers. In the worst-case scenario, the total U.S. output would decline by $49 billion and nearly 455,000 workers could lose their jobs. The impact would be felt in nearly every sector and in every U.S. state.

The report states that trade wars don’t have winners. It called upon the two sides to engage in constructive bilateral talks, so as to reach an agreement on the dispute. Failure to do so would lead to market collapse, rise in inflation and huge economic suffering for Americans.

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