President Donald Trump promised to create hundreds of thousands of new jobs with his Tax Cuts and Jobs Act. But the President’s trade war threatens to cancel out any gains – and then some, according to a new analysis.
The Tax Foundation, a right-leaning think tank, predicts the U.S. could lose 365,000 jobs in the long run if the President follows through on his promises on trade. That figure takes into account Trump’s tariffs that have already been imposed (like those on steel and aluminum and some products from China), ones he has threatened, and retaliatory tariffs from the European Union, China, Canada, Mexico and other countries.
Back in December, the Tax Foundation gave a favorable analysis of the President’s massive tax cut bill, predicting it would add 339,000 jobs to the U.S. economy.