Nov. 12 (UPI) — The trade war between the United States and China threatens nearly 1.5 million U.S. jobs, an analysis released Tuesday indicates.
The Port of Los Angeles, which commissioned the analysis by BST Associates, said the job losses most affect those supported by imports — 1.26 million. Some 206,000 of the job losses are supported by exports subject to retaliatory tariffs.
“Very simply put, less cargo means less jobs,” Port of Los Angeles Executive Director Gene Seroka said during a news conference in Washington, D.C.
The analysis said the trade war affected 52.7 percent of the value of imports coming through the port. The losses could threaten $186 billion in annual merchandise trade.
“Some regions and industries are already feeling the pain and the damage to jobs, income and tax revenue could be crippling down the road,” Seroka said.
President Donald Trump began levying tariffs on China in 2018, decrying what he said was a trade imbalance with Beijing. The two countries have battled back and forth with retaliatory measures, with the most recent going into effect Sept. 1
Last week, the two countries announced a tentative working agreement to de-escalate the ongoing trade conflict.