China lost trillions of dollars, three-million jobs, says US President; India to benefit from the trade war

China lost trillions of dollars, three-million jobs, says US President; India to benefit from the trade war

US President Donald Trump has claimed that China had lost trillions of dollars and three-million jobs due to the tariffs his administration had imposed against the country. Talking to reporters at White House yesterday, Trump asserted that the United States was doing very well against China, adding that the Chinese wanted to negotiate a trade deal very badly.

We have gained trillions of dollars… and China has lost many, many trillions of dollars, including 3 million jobs, including companies that are leaving China,” Trump told reporters at the White House on Monday.

The two countries have been locked in a bitter trade war since last year, imposing tit-for-tat tariffs on goods worth billions of dollars. The president exuded confidence that the stock markets would hit a new high, denouncing reports about the possibility of a recession as fake news.

However, as per reports India has benefited from the US-China trade war by exporting more items to China. According to the report, India’s exports to China post the trade war, have grown much faster than that to the US. While overall exports to the US grew 9.46 per cent to $52.4 billion in 2018-19, for China the growth was 25.6 per cent to $16.7 billion, statistics indicate.

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