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Zorro

(17,388 posts) Tue Apr 29, 2025, 12:01 PM Apr 29

Scott Bessent says China could lose 10 million jobs 'very quickly' if tariffs don't drop [View all]

Source: Yahoo Finance

Treasury Secretary Scott Bessent on Tuesday said the "onus" is on China to bring down its tariffs as he outlined how many jobs the world's second-largest economy stands to lose in a trade war.

If the US keeps tariffs in place at the current level of 145%, China could lose 10 million jobs "very quickly," Bessent said during a press conference at the White House, citing outside statistics.

Even if the US were to lower tariffs somewhat, China still stands to lose 5 million jobs, he added.

"So remember that we are the deficit country," Bessent said. "They sell almost five times more goods to us than we sell to them. So the onus will be on them to take off these tariffs. They're unsustainable for them."

Read more: https://finance.yahoo.com/news/scott-bessent-says-china-could-lose-10-million-jobs-very-quickly-if-tariffs-dont-drop-143718347.html

The Trump administration is speeding down the road to FAFO.

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Scott Bessent says China could lose 10 million jobs 'very quickly' if tariffs don't drop [View all] Zorro Apr 29 OP

Like Mao said... roscoeroscoe Apr 29 #1

Within the next two weeks, in fact - just in time for Trump's infrastructure and health care plans Prairie Gates Apr 29 #2

Scott, how many jobs will be lost in the US ? republianmushroom Apr 29 #3

He doesn't care about that! durablend Apr 29 #11

I don't believe he knows. Just getting press. republianmushroom Apr 29 #13

China is more resilient than the US VeryProgressive Apr 29 #4

He doesn't know they sell to the rest of the world... Justice matters. Apr 29 #22

The rest of the world can't fully absorb their exports to the U.S. subterranean Apr 29 #27

Just another thought! Stonealone Apr 29 #28

"Which side is more willing to endure hardship ..." More_Cowbell Apr 29 #5

My God he's a fucking moron... johnnyplankton Apr 29 #6

I don't think he understands the Asian mentality. patphil Apr 29 #7

Every container will be needed BidenRocks Apr 29 #33

This is one of the most stupid arguments ever. Wiz Imp Apr 29 #8

tRump is claiming $2 billion tariff taxes per day. It is more like 500 million. Before trade contraction. Bernardo de La Paz Apr 29 #30

Wait until JBTaurus83 Apr 29 #9

A board certified Idiot! Tarzanrock Apr 29 #10

China has 1.4 billion people BumRushDaShow Apr 29 #12

It's even worse than that angrychair Apr 29 #18

Yes BumRushDaShow Apr 29 #20

So that's what Miguelito Loveless Apr 29 #14

Gee, you think maybe these stupid tariffs were an extremely terrible idea? Initech Apr 29 #15

How many port jobs will be idle next week? Old Crank Apr 29 #16

Think I read about 8 million are employed in the logistics industry. roamer65 Apr 29 #36

Getting into a labor war of attrition with a dictatorship that has four times our population is insane. Midnight Writer Apr 29 #17

Just a little potboiler soundbite BaronChocula Apr 29 #19

Bessent is one ignorant rich guy isn't he?? NoMoreRepugs Apr 29 #21

He knows he's wrong, but licking tRUMP'S shoes makes more sense to him than a coherent trade policy wolfie001 Apr 29 #24

I think China can ,and is more willing to, withstand this than Americans ToxMarz Apr 29 #23

This flawed reasoning nowforever Apr 29 #25

Thuganomics. C_U_L8R Apr 29 #26

Bessent keeps pushing the "five times" canard. It is far from the whole story. Bernardo de La Paz Apr 29 #29

Bessent always reminds me of ... Tarzanrock Apr 29 #31

Meanwhile China sent back Boeing planes delisen Apr 29 #32

10 million are easily employed in war production. roamer65 Apr 29 #34

More to join the military IbogaProject Apr 29 #35