China’s unemployment crisis is worsening, residents told The Epoch Times, as the country’s exporters of consumer goods lose orders from the United States.
U.S. Treasury Secretary Scott Bessent told reporters on April 29 that China could “lose 10 million jobs very quickly” if the U.S.–China tariff war doesn’t de-escalate or 5 million jobs if tariff rates are reduced.
In early April, Goldman Sachs forecast significant challenges for the Chinese economy and labor market, citing high U.S. tariffs, declining exports to the United States, and a slowing global economy.
The investment bank estimated that China could lose about 10 million to 20 million jobs that depend on U.S.-bound exports….
US Sanctions Could Lead to Tens of Millions of Lost Jobs in China
