"Escalation of bilateral tariffs results in lower GDP, lower employment, lower investment, and lower trade flows for the United States," said the study titled "Assessing the Costs of Tariffs on the U.S. ICT Industry."
The collaborative work of the chamber and the research firm Rhodium Group was published on Friday. It found that the tariff measures would cost the U.S. GDP from 45 billion dollars to 60 billion dollars in the first year following the imposition, and the figure grows to range from 89 billion dollars to 125 billion dollars annually five years later.
Comment: The absence of US troops on the ground and blaming Iran for the war are excuses used by Washington and the Pentagon to qualify their activities in assisting Saudi Arabia's decimation of Yemen. However, given its integral role in this conflict, the US may not escape international and political blame for aiding and abetting war crimes. Meanwhile, the Senate has finally awakened to the consequences of its own inaction and hopefully sees through Pompeo's argument. Going forward, Congress may seek to change US policy and re-establish its war-powers control, but for Yemen it will be too little, too late.
See also: