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