Washington urged to end costly tariff war on China amid surging inflation

"The trade war with China hurt the US economy and failed to achieve major policy goals outlined by the Trump administration," Oxford Economics and the US-China Business Council have argued in a report released last year. "Rather than benefiting the economy, it has reduced US economic growth and employment, resulting in an estimated peak loss of 245,000 jobs," the report said, noting scaling back tariffs would likely benefit the US economy and create jobs.