NJ Politics Digest: Here’s What a Trade War Will Cost the State

U.S. president Donald Trump has threatened to impose 10 percent tariffs on $200 billion of Chinese imports if China retaliates against his previous tariffs on $50 billion of Chinese imports. Justin Sullivan/Getty Images

New Jersey is a blue state, but even people you’d expect to support Republican President Donald Trump are warning of the consquences of the president sparking a trade war.

The New Jersey Chamber of Commerce is warning the state has $920 billion and more than one million jobs at stake if the President Donald Tump’s actions result in countries taking action against the United States, according to a report in the Asbury Park Press.

This includes $166 million in chemicals sold to Canada; $94 million in cosmetics sold to Europe; and $19 million in prepared food sold to Mexico, according to the report.

“Tariffs that beget tariffs that beget more tariffs only lead to a trade war that will cost American jobs and economic growth,” explained Thomas J. Donohue, the chamber’s president and chief executive officer, according to the report..

New Jersey companies are also complaining that their prices are rising because of tarriffs and the trade war.

The state chamber says while tarrifs would impact only a fraction of New Jersey’s economy, trade actions have a ripple effect that could impact states—including New Jersey—around the nation. They also warn that 245,000 New Jersey jobs are supported by foreign investment, according to the report.

Quote of the Day: “No final decision has been made regarding the legislation.’’ — Dan Bryan, a spokesman for Gov. Phil Murphy, on a measure that would impose a new tax on the use of paper and plastic shopping bags.

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NJ Politics Digest: Here’s What a Trade War Will Cost the State