A s 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.

The world’s two largest economies are locked in a tit-for-tat tariff war that threatens hundreds of billions in trade and has roiled global markets and supply chains. The United States has raised tariffs on Chinese imports to 145 per cent,