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Sixteen Million Jobs in China Likely Vulnerable to U.S. Tariffs, Goldman Says -- Market Talk

Dow Jones
Apr 28, 2025

0310 GMT - Around 16 million jobs in China are vulnerable to the U.S. tariffs, Goldman Sachs analysts say in a note. The rapid expansion of e-commerce has driven significant employment growth in wholesale and retail sales, as well as transport and storage industries in China. The elimination of the "de minimis" exemptions for China from tariffs for small package shipments could exert employment pressures on these sectors, they say. The PBOC could step up monetary policy measures after the impact of U.S. tariffs becomes clearer in the coming months. Goldman Sachs expects "a dual cut" in both 2Q and 3Q, referring to reductions in its reserve requirement ratio as well as its policy rate, and followed by another policy rate cut in 4Q. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

April 27, 2025 23:10 ET (03:10 GMT)

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