So much for the “greatest jobs president that God ever created.” A new forecast out of Moody’s Analytics estimates that Donald Trump’s trade war with China has already cost the U.S. market some 300,000 jobs, in terms of both jobs eliminated and jobs that would have been created. But that’s nothing compared to what the group anticipates the total cost will be on the year.
Moody’s chief economist, Mark Zandi, told Yahoo Finance that the losses would likely total around 450,000 by year’s end. And if Trump doesn’t change course, around 900,000 jobs will have been lost by the end of 2020 due to Trump’s handiwork, with the biggest losses coming in the manufacturing, warehousing, distribution, and retail sectors.
Over the first 29 months of his presidency, through June, Trump fell almost 1 million jobs short of matching the number of jobs President Obama created during the last 29 months of his presidency. The gap is likely to increase, as job growth already appears to be slowing month by month.