Chinese tariffs on US goods put American jobs at risk

The US-China Business Council reports China is now slapping tariffs of at least 125% on all American exports, worth a total of $140.7 billion. This move puts over 862,000 US jobs that support the exports at serious risk.

As the council points out, trade tensions between the world's largest economies will hit regions producing oilseeds and grains the hardest, since these make up the bulk of exports to China. Meanwhile, the pharmaceutical industry, which supplies $10.9 billion worth of goods, and the semiconductor sector, with $10.5 billion in exports, have also taken a hit.

Analysts warn the fallout isn't limited to trade. The US education sector, which collected $14.4 billion from Chinese students in 2023 alone, is also at risk due to rising tensions.

The Business Council has called on countries to engage in talks, stressing the need to resolve the ongoing issue. The organization warns that maintaining high tariffs on goods could lead to a sharp decline in global trade and massive job losses.