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China’s secret weapon in the trade war

News Snapshot:

As China’s export machine sputters under the weight of 145% tariffs, jobs are at risk. Some 16m workers are involved in the production of goods bound for America, says Goldman Sachs, a bank. Nomura, another bank, projects a possible 5.7m job losses in the near term and 15.8m in the long run as the shock ripples through the economy. China’s leaders are already yanking levers to soften the blow. At a Politburo meeting on April 25th, they vowed to increase rebates of unemployment-insurance payments for firms hit by tariffs. But there is another labour market saviour: the vast gig economy….

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