As CNBC reports, the recently released Koch-commissioned study from ImpactECON finds that current and potential actions by the U.S. and its trading partners on a wide range of goods – from steel to automobiles and parts to electronics – would likely lead to the loss of 2.75 million American jobs in 2019. In addition to those unemployed, approximately 700,000 would be displaced by the trade actions and have to find work in other industries. If the trade barriers remain in place, U.S. gross domestic product (GDP) losses are projected to cumulate to $2.8 trillion by 2030.
“Any trade debate should convey a clear understanding of the effect of the U.S.’ and its trading partners’ actions on consumers, businesses and supply chains. Tariffs and other trade barriers, as described in this study, raise prices and harm U.S. businesses and consumers,” said Philip Ellender, Koch Industries’ president of government and public affairs. “At Koch, we support free and open exchange as a means to help people improve their lives. To that end, this report should serve as a unique and useful resource for policymakers as they consider the consequences of trade actions for all parties involved.”
Why is free trade an issue we all should care about? Free trade benefits everyone, from the people providing the goods and services to the people who value them. It’s a way of life that enables everyone to sell what they are best at making and to buy what they value most. In this short video, learn more about what this all means, the importance of voluntary, mutually beneficial exchange and the economic consequences of protectionist trade policy.
See the study here.
Learn more from Koch about free trade here.