Trump’s Import-Tariff Proposal Would Cut 0.7% From US GDP, Study Says

Former President Donald Trump’s proposal to institute a 10% tariff on almost all imports would cost American consumers $300 billion a year, result in the loss of 550,000 US jobs, and cut growth by 0.7%, according to a new analysis from the nonpartisan Tax Foundation.

If other countries retaliate by imposing tariffs on US goods, the economic damage could be even greater. The Tax Foundation said the resulting trade war from retaliatory tariffs would further reduce growth by 0.4% and eliminate another 322,000 jobs.