Report: Rajesh kumar
Employment can especially increase rapidly there and the economy which has been growing for decades can fall into recession. The New York Times report has estimated that if the tariff war continues like this, then 90 lakh jobs in the manufacturing sector can be lost in China. Apart from this, property growth in China is also very low.
The unemployment rate in China has already gone into double digits. New graduates coming out of universities and colleges are facing difficulties in getting jobs. In this way, millions of people are already in the quagmire of unemployment in China and the tariff war with America can further increase this crisis. In fact, 100 million jobs in China alone are in the manufacturing sector. This month, there has been an agreement between Chinese and American officials to temporarily reduce the tariff. The reason for this is that both countries do not want to go into an all-out trade war. Due to this, there is a possibility of recession in the economy of both.
Goldman Sachs estimates - 1.6 crore jobs will be at risk
Let us tell you that only last month, a report of Goldman Sachs also came. It was said that 1.6 crore jobs could be lost in China due to American decisions. The report said that if such conflict between China and America continues, then there will be pressure in the labor market. Such a situation will create a crisis for jobs. This crisis will be more especially in the manufacturing and retail sectors.
