“Trade War” May Hurt China More Than US
The managing director of Parry Global Group, an investment services company, told CNBC earlier this week that China may lose more in its escalating “trade war” with the US.
Parry predicts that the tariffs announced by US President Donald Trump, which focuses on technology parts and components, could result to job losses in China. He explained that if a company like Apple were to shift assembly in the US, around 350,000 workers can instantly lose their jobs in Zhengzhou.
Parry says that while the move may only cause ripples in China, it would be enough to give Trump leverage for negotiations.
It was additionally revealed by the office of the U.S. Trade Representative that an algorithm was used to determine which Chinese exports will impact the US the least while dealing the maximum damage to China.