Job losses incurred as a result of the Trump’s administration trade skirmishes, the largest of which is with China, could outpace employment gains from the GOP-led tax law, according to a new report from the Tax Foundation.

U.S. tariffs and foreign retaliation may cost more than 465,000 jobs over the next 10 years, analyst Erica York and economist Kyle Pomerleau wrote, while the tax law is estimated to create 339,000 job in the same period.