Trump's trade conflict with China has deprived the United States of up to 245,000 jobs

Trump's trade conflict with China has deprived the United States of up to 245,000 jobs

Outgoing US President Donald Trump's trade conflict with China has deprived the United States of up to 245,000 jobs. However, a gradual reduction in import tariffs on both sides would support economic growth and could create 145,000 additional jobs by 2025. This was pointed out by a study published this week by Oxford Economics for the US-China Business Council (USCBC). The study, reported by Reuters, also includes a "dispute escalation scenario", which envisages a significant disruption of trade relations between the world's two largest economies. Such a development would reduce the United States' gross domestic product (GDP) by $ 1.6 trillion (€ 1.32 trillion) over the next five years. As early as 2022, this could mean 732,000 fewer jobs for the United States, and by 2025 it could lead to a further reduction of 320,000 positions. The study was published just days before Joe Biden took over the presidency. He does not yet plan to change the duties introduced by Trump. He said he would work with US allies to increase pressure on China to change its approach to other countries. However, as USCBC chief Craig Allen said, it is necessary to point out the consequences of trade policy towards China, even though he himself supports Trump's chosen steps. "As far as tariffs are concerned, it is important that we know the overall economic consequences of such a decision," he said. According to a study by Oxford Economics, US exports to China provide jobs for about 1.2 million Americans, and Chinese multinationals directly employ about 197,000 U.S. citizens. American companies, on the other hand, have invested about 105 billion USD in China. "As China is expected to account for about a third of the world's economy in the next decade, it will be increasingly important for US companies to maintain access to this market if they are to succeed globally," the study said.