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.

U.S. President Donald Trump on Wednesday suggested China initiated upcoming senior-level trade talks between the two countries and said he was not willing to cut U.S. tariffs on Chinese goods to get Beijing to the negotiating table.