Economics
The Trade War Will Likely Cost China 700,000 Jobs, JPMorgan Says
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The tariff battle with the U.S. will probably cost China 700,000 jobs, or more in the event of further escalation.
The job losses would come if the U.S. imposes 25 percent tariffs on $200 billion in Chinese exports and China retaliates by devaluing its currency by 5 percent and adding to levies on U.S. goods, according to economists led by Haibin Zhu at JPMorgan Chase & Co. If China doesn’t retaliate at all, 3 million people could lose their jobs, they wrote in a research note Tuesday.