Imposing United States tariffs on nearly all foreign imports would create about 10 million American jobs while boosting domestic output by nearly 20 percent, a new study finds.
Overall domestic output, according to CPA researchers, would jump 19 percent with tariffs across the board, with a 52 percent increase in output from the electrical industry, a 54 percent increase in output from the textiles and clothing industry, and a 30 percent increase in output in chemical manufacturing.
“…[T]he federal government could abolish corporate taxation outright or cut personal income taxes by 25 percent,” CPA researchers write. “In our simulation, we turn the $603 billion gain in tax revenue into household and business income to avoid the deflationary effect of the government absorbing more funds.”
U.S. free trade policies have resulted in decades of job cuts, stagnant wages, and a collapse of heartland American communities.American jobs from the economy — 2.8 million of which were lost in American manufacturing. During that same period, at least 50,000 American manufacturing plants closed down.This happened despite free trade advocates’ claims that NAFTA would create a million American jobs. Instead, the free trade deal helpedKORUS, the free trade deal that the U.S.
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