Trade war costs 245,000 US jobs at most: US-China Business Council
THE US-China trade war costs as many as 245,000 American jobs, but a gradual scaling back of tariffs on both sides would boost growth and lead to an additional 145,000 jobs by 2025, says a study commissioned by the US-China Business Council (USCBC)
02 February 2021 - 19:00
The group, which represents major American companies doing business in China, said the study by Oxford Economics also includes an 'escalation scenario' which estimates a significant decoupling of the world's two largest economies could shrink US GDP by US$1.6 trillion over the next five years.
This could result in 732,000 fewer US jobs in 2022 and 320,000 fewer jobs by 2025, it said, Reuters reports.
'With China forecast to drive around one-third of global growth over the next decade, maintaining market access to China is increasingly essential for US businesses' global success,' the study said.
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