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Monday, May 7, 2018

Trump's tariffs on China could force Florida to cut 7,000 jobs annually, says study

Posted By on Mon, May 7, 2018 at 12:16 PM

Florida could lose as many as 7,128 jobs a year if President Donald Trump levies tariffs on $50 billion of Chinese imports, according to a new study.

The study, which was published by the National Retail Federation and the Consumer Technology Association, concluded that if the tariffs are implemented and China keeps its promise to retaliate, then the gross domestic product could be trimmed down by $3 billion and could cause the U.S. to lose roughly 134,000 jobs.

The study also notes that farmers’ net income will drop by almost 7 percent and the country could lose 67,000 agriculture jobs per year. That sort of impact could hit Florida especially hard, considering that direct employment in the agricultural and natural resource sectors account for just less than 14 percent of all jobs statewide, according to a 2016 report by the University of Florida Institute of Food and Agricultural Studies.

The Trade Partnership has already projected Trump’s steel and aluminum tariffs could cause Florida to run the risk of cutting nearly 29,000 jobs, too.

Members of the Trump administration are set to meet with Chinese leaders in Beijing this week to negotiate trade agreements.

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