New York
Tariff War Donald Trump has been in power since the second time between the US and China. It is believed that the dragon is going to get a shock due to the increase in tariffs on sugar exports by the Donald Trump administration. Especially in it, unemployment can increase sharply and the economy in growth for decades can be hit by recession. Media reports estimated that if the tariff war continues like this, 90 million jobs in China may be snatched into the manufacturing sector. Apart from this, property growth in China is also quite down.
The unemployment rate in China has already gone into double digits. New graduates originating from universities and colleges are facing problems in getting jobs. In this way, millions of people in China are already in the swamp of unemployment and the tariff war from the US can increase this crisis further. Actually, 100 million jobs in China alone are in the manufacturing sector. In the same month, there has been an agreement between China and American officials to temporarily reduce the tariff. The reason for this is that both countries do not want to go to all out trade war. Due to this, both of them are feared to be in the recession of the economy.
According to a report by Investment Bank Natixis, if the tariffs applied by the US are in force like this, then the exports done by China to the US may be half. In such a situation, 6 million manufacturing sector jobs may be snatched away. Not only this, if the tariff war has intensified and it turned into a trade war, then the jobs are expected to go up to 9 million i.e. 90 lakhs.
Goldman Sachs estimates- 1.6 million jobs will be threatened
Let us know that a report of Goldman Sachs also came last month. It was said that 1.6 crore jobs can be taken away due to American decisions in China. The report said that if such a struggle continues between China and America, then there will be pressure in the labor market. Such a situation will create crisis for jobs. This crisis will be more especially in manufacturing and retail sector.
