US-China trade war putting thousands of American jobs at risk, business lobby group warns
US-China Business Council says ‘precipitous decline’ in bilateral trade could destabilise US economy
The trade war between the United States and China has put more than US$140 billion worth of American exports and thousands of jobs at risk, according to a new report by a US business lobby group.
It said the tit-for-tat tariffs imposed by the two countries are affecting a wide range of industries that support employment in the US – including agriculture, semiconductors, education, travel and aerospace.
The report by the US-China Business Council, released in Washington on Tuesday, said the “precipitous decline in US exports to China” was evidence that US businesses, farmers, ranchers and workers are “reeling from the ongoing trade war”.
The council represents 270 American companies that do business in China, and its president, Sean Stein, urged leaders from both countries to return to the negotiating table and “take immediate steps” to remove or reduce tariffs.
“If these tariffs remain in place, trade between the two countries will fall precipitously, sacrificing billions of dollars of exports and hundreds of thousands of American jobs, potentially destabilising the US economy, and significantly weakening America’s global competitiveness,” he said.
US goods exports to China last year were valued at US$140.7 billion and provided 531,232 jobs, the report said, adding that US service exports to China in 2023 were worth US$46.3 billion and provided 331,235 jobs.