Business

Study: Trump's China tariff could cost Florida thousands of jobs

Posted May 6, 2018 6:07 p.m. EDT

A new study suggests Florida will lose 7,128 jobs a year if President Donald Trump levies tariffs on $50 billion of Chinese imports.

A study published by the National Retail Federation and the Consumer Technology Association says the tariffs, and China's pledged retaliation, could reduce gross domestic product by $3 billion and cause the United States to lose 134,000 jobs.

"We must resolve this trade dispute without resorting to job-killing tariffs and retaliation," the retail federation's CEO Matthew Shay said in a news release.

The study also says farmers' net income will drop by 6.7 percent and the country could lose 67,000 agriculture jobs per year.

A Trade Partnership study earlier had already projected Trump's steel and aluminium tariffs could cost Florida nearly 29,000 jobs.

Members of the Trump administration are in Beijing this week to negotiate trade agreements.

The delegation team includes U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, White House trade and manufacturing adviser Peter Navarro and White House economic adviser Larry Kudlow.

Ross said on Thursday that the president was prepared to impose the tariffs on China if the countries did not reach a settlement and reduce tensions.

Contact Sara DiNatale at sdinatale@tampabay.com. Follow @sara_dinatale.