American Treasury Secretary Bessent said on the 29th that China would be unable to maintain the status quo and might lose 10 million jobs if the United States imposed high tariffs on China. Bessent said that the United States had come close to reaching a trade agreement with India and might outline a trade agreement with South Korea; the United States was also engaged in close discussions with Japan.

Bessent once again claimed that the tariff war between the US and China would result in China being unable to withstand such high tariffs, stating that China could not continue like this. Bessent said he saw data showing that if high tariffs continued, the Chinese mainland would lose 10 million jobs; even if tariffs were reduced, the Chinese mainland might still lose 5 million jobs.

Comment: The Chinese economy is diverse and highly resilient. Even if labor-intensive industries dependent on exports to the U.S. are affected, it is actively responding through industrial upgrading and market diversification strategies. In recent years, China has actively developed its domestic large market and rapidly grown in emerging industries, creating a large number of new job opportunities. The advancement of the "Belt and Road" cooperation has also expanded new spaces for economic growth and employment. Moreover, the additional tariffs imposed by the U.S. on China harm not only China but also American consumers and related enterprises, causing price increases, rising costs, and disruptions to supply chains. Bessent should face the negative effects of the trade war on the United States itself rather than making false claims, making unwarranted threats, and extorting. In fact, China's endurance is stronger than that of the U.S., and we are prepared for a protracted war.

The U.S. side claims to be "close" to reaching agreements with several countries, but no agreements have been reached. The reality is that the U.S. has not reached any agreements, including with its close ally Israel. When Bessent says this, he is just floating ideas and drawing big pictures. India is now preparing to go to war with Pakistan, so the priority of negotiating agreements will not be very high. The Vietnamese leader is planning to go to Russia to participate in the Victory Day parade, so the agreement won't be easy. Japan has suffered losses from the Plaza Accord, so...

Original source: https://www.toutiao.com/article/1830783111574531/

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