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2021 US China Economic Relations Report From US China trade National Committee

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The following is the 2021 US China Economic Relations Report From US China trade National Committee recommended by recordtrend.com. And this article belongs to the classification: global economy , research report.

Reducing tariffs could benefit the U.S. economy and create jobs. Even a small reduction in tariffs can stimulate employment and promote economic growth. If the trade war cools down, the two governments will gradually reduce the average tariff rate to about 12% (the current tariff rate is about 19%), and the real GDP of the United States will increase by US $160 billion in the next five years, creating 145000 jobs. The increase of employment, the increase of income and the decrease of price will increase the average household income by 460 US dollars.

Increasing trade tensions and significant decoupling between China and the US will further reduce employment and damage the US economy. If economic and trade frictions escalate and China and the United States further decouple, the United States will lose us $1.6 trillion in real GDP in the next five years, 732000 jobs in 2022 and 320000 jobs in 2025. In addition to the huge impact on economic output in the near future, the trade war and the decoupling between China and the United States will weaken the economic productivity of the United States in the long run, and then affect the potential growth of GDP. By the end of 2025, the average real income of American households is expected to lose $6400.

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