But the cost in jobs widens as tariffs spread. If tit-for-tat retaliation escalated, raising global tariff and nontariff barriers to levels last seen in the early 1990s, before the creation of the North American Free Trade Agreement and the World Trade Organization, the economists on average saw 845,000 net U.S. jobs lost, with estimates ranging from 10,000 to 3,000,000. David Shulman, senior economist at the UCLA Anderson School of Management, in the survey said it could lead to recession.
For the WSJ URL (paywall) see: https://www.wsj.com/articles/wider-tariffs-threaten-to-take-a-big-economic-toll-1528047583
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