business group study by Reuters

WASHINGTON (Reuters) – US President Donald Trump‘s trade war with China has caused a maximum loss of 245,000 jobs in the United States, but a gradual reduction in tariffs on both sides would boost growth and create 145,000 jobs. additional workforce by 2025, according to a study commissioned by the United States-China Business Council (USCBC). The group, which represents major US companies doing business in China, said the Oxford Economics study also includes an “escalation scenario” estimating that a significant dissociation of the world’s two largest economies could reduce US GDP. by $ 1.6 trillion in the next five years. This could result in 732,000 fewer jobs in the United States in 2022 and 320,000 fewer jobs in 2025, he said. The study was released just days before President-elect Joe Biden takes office and begins a major analysis of US trade policy, including consultations with Democratic allies about the punitive tariffs imposed by Trump. Biden has said he does not plan immediate changes to Trump’s tariffs, but said he will work with allies to pressure China to change its trade behavior. USCBC President Craig Allen, who has supported Trump’s efforts to change China’s trade and technology transfer policies, said it was important for the group to articulate the consequences of political decisions on the relationship between the United States and the United States. China. “In the case of rates, it is very important that we understand the full economic cost of these options,” Allen said at a news conference. The study estimates that US exports to China support 1.2 million US jobs and that Chinese multinational companies directly employ 197,000 Americans, while US companies invested $ 105 billion in China in 2019. ” decade, maintaining access to the Chinese market is increasingly essential to the global success of US companies, “the study said.

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