Donald Trump's strict stance on China could lead to chaos in that country, 9000000 people…, could go up to…
New Delhi: The tariff war between the United States and China has been ongoing since Donald Trump's second term in office began. It is believed that the increase in tariffs on Chinese exports by the Trump administration will hit the Dragon hard. In particular, there could be a sharp rise in unemployment there, and the economy, which has been growing for decades, could go into recession. A report from The New York Times estimates that if the tariff war continues like this, 9 million jobs could be lost in China's manufacturing sector. Additionally, property growth in China is already significantly down.
In China, the unemployment rate has already gone into double digits. New graduates coming out of universities and colleges are facing difficulties in finding jobs. As such, millions of people in China are already caught in the quagmire of unemployment, and the tariff war with the United States could further exacerbate this crisis. In fact, there are alone 100 million jobs in the manufacturing sector in China. This month, an agreement was reached between Chinese and American officials to temporarily reduce tariffs. The reason is that neither country wants to enter a full-blown trade war, as there are fears that this could lead both economies into recession.
According to a report by investment bank Natixis, if the tariffs imposed by the United States continue to be implemented in the same manner, China's exports to the United States could be halved. In such a scenario, 6 million jobs in the manufacturing sector could be lost. Furthermore, if the tariff war escalates and turns into a trade war, the number of job losses could rise to 9 million (90 lakh).
It is worth mentioning that just last month, a report from Goldman Sachs also stated that due to American decisions on China, 16 million jobs could be at risk. The report indicated that if the conflict between China and the United States continues, there will be pressure on the labour market. Such a situation will create a crisis for jobs, especially in the manufacturing and retail sectors.
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