00:03
So the trump administration imposing tariffs, along with retaliatory actions taken by partners, the trading partners, this will ultimately reduce economic output, income and employment.
00:27
And so this administration, so far, from what we can measure, it's about $80 billion worth of new taxes on individuals by levying tariffs on thousands of products.
00:37
And this is one of the greatest tax increases that's been seen in recent decades.
00:47
And so the tariffs imposed so far are estimated to reduce long -run gdp by 0 .23%.
00:55
It's estimated to reduce wages as well by a number of 0 .15 % as well as employment of almost 200 ,000 full -time jobs.
01:04
And so the administration's outstanding threats to impose even additional tariffs on top of this.
01:11
Would look to reduce gdp again, reduce wages as well as employment.
01:20
And so there's so many different negative economic effects that would occur as a result of these tariffs being imposed.
01:30
And so if all of the tariffs that have been announced were completely imposed, then we'd see gdp 4 by 0 .51%.
01:39
That's equivalent to 127 billion.
01:43
Considering the long run here...