According to the Tax Foundation model, the tariffs planned and imposed so far by the Trump administration would reduce long-run GDP by 0.21 percent ($52 billion) and wages by 0.13 percent and eliminate 161,751 full-time equivalent jobs. If the Trump administration acts on threats to place new tariffs on automobiles and parts and additional tariffs on products from China, GDP would fall by an additional 0.45 percent ($112 billion), resulting in 0.29 percent lower wages and 347,988 fewer full-time equivalent jobs.
Other countries have announced intentions to impose tariffs on U.S. exports. If these tariffs are fully imposed, we estimate that U.S. GDP would fall another 0.09 percent ($23.5 billion) and cost an additional 72,864 full-time equivalent jobs.
via Tracking the Economic Impact of Tariffs | China Tariffs | Trade Tensions
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