US-China trade war cost up to 245,000 jobs: Study

United States President Donald Trump’s trade war with China has caused a peak loss of 245,000 US jobs, but a gradual scaling back of tariffs on both sides would boost growth and lead to an additional 145,000 jobs by 2025, a study commissioned by the US-China Business Council (USCBC) shows. The group, which represents major US companies doing business in China, said the study by Oxford Economics also includes an “escalation scenario” that estimates a significant decoupling of the world’s two largest economies could shrink US gross domestic product by $1.6 trillion over the next five years. This could result in 732,000 fewer US jobs in 2022 and 320,000 fewer jobs by 2025, it said.