The United Nations expects that millions of potential jobs will vanish this year because of an economic slowdown triggered by US President Donald Trump’s trade war. The International Labour Organization (ILO), a UN agency, predicts in a report released Wednesday that 53 million jobs will be created worldwide in 2025 — 7 million fewer than previously thought — owing to a shakier economic outlook caused by trade disruptions and geopolitical tensions. The agency based its analysis on the International Monetary Fund’s downgraded expectations for the global economy. In April, the IMF said global GDP would rise by 2.8% this year, down from a previous estimate of 3.2%, citing the uncertainty unleashed by Trump’s barrage of new tariffs on America’s trading partners. The ILO, which promotes labor rights worldwide, also said that almost 84 million jobs across 71 countries “are directly or indirectly tied to US consumer demand” and thus vulnerable to the impact of these tariffs. Nearly 56 million of these at-risk roles are in the Asia-Pacific region, it added, with more than 13 million spanning Canada and Mexico. “Workers tied to US consumption and investment demand… now face elevated risks of partial or total income loss due to higher tariffs and the unpredictability of future trade measures,” the agency said. Since Trump re-took office in January, he has hiked import duties on America’s trading partners and on key goods, including cars and steel. The president has set July 9 as the date he plans to impose punishingly high “reciprocal tariffs” on other countries unless those nations are able to strike a trade deal with Washington. The tariffs, their erratic implementation and the unpredictability both have injected into the global economy are weighing on many businesses and consumers. The ILO noted that employers may be “more cautious” about hiring new workers in such an uncertain landscape. “We know that the global economy is growing at a slower pace than we had anticipated it would,” Gilbert Houngbo, the ILO’s director general, said in a statement. “If geopolitical tensions and trade disruptions continue… then they will most certainly have negative ripple effects on labor markets worldwide.”
7 million new jobs will evaporate this year because of trade war, UN predicts
TruthLens AI Suggested Headline:
"UN Warns of 7 Million Job Losses Due to Trade War Impact"
CNN
6.6
TruthLens AI Summary
The United Nations has issued a report indicating that the ongoing trade war initiated by US President Donald Trump is expected to result in the loss of 7 million potential jobs this year. The International Labour Organization (ILO), part of the UN, highlights a grim economic forecast, stating that the global job market will see the creation of 53 million jobs by 2025, a significant decrease from earlier projections. This adjustment is attributed to a deteriorating economic outlook influenced by trade disruptions and geopolitical tensions. The report references the International Monetary Fund's (IMF) revised global GDP growth rate, which has been downgraded from 3.2% to 2.8% for the year, primarily due to the uncertainty surrounding the tariffs imposed on various trading partners by the US. It is emphasized that nearly 84 million jobs across 71 countries are directly linked to US consumer demand, making them highly susceptible to the adverse effects of these tariffs, with the Asia-Pacific region being particularly affected.
Moreover, the ILO warns that the unpredictability of trade policies and the imposition of higher tariffs are causing businesses to exercise caution in hiring new employees. The report indicates that the majority of at-risk jobs, approximately 56 million, are situated in the Asia-Pacific, while over 13 million are located in Canada and Mexico. Gilbert Houngbo, the ILO's director general, expressed concern over the slower-than-anticipated growth of the global economy, stating that ongoing geopolitical tensions and trade disruptions are likely to have negative ripple effects on labor markets worldwide. As Trump continues to implement higher import duties and has set a deadline for imposing additional tariffs unless trade agreements are reached, the potential for economic stability remains uncertain. Employers are expected to be more hesitant in their hiring practices due to the unpredictable economic landscape, further exacerbating the potential job losses in the near future.
TruthLens AI Analysis
The article addresses the potential economic fallout resulting from the ongoing trade war initiated by former President Donald Trump. It highlights the predictions made by the International Labour Organization (ILO) regarding job losses and slower economic growth due to heightened tariffs and trade tensions. This analysis will delve into the implications of the reported statistics and the broader context of the trade war.
Purpose Behind the Publication
The purpose of this news piece seems to be to inform the public and stakeholders about the negative repercussions of the trade war on job creation and economic stability. It underscores the vulnerability of jobs tied to US consumer demand, which may stir public concern regarding the ongoing trade policies.
Public Perception
The article aims to create an awareness of potential economic instability, particularly among workers whose livelihoods are tied to US consumption. It may foster a perception of urgency and caution within the labor market, as uncertainties about future trade measures loom large.
Possible Concealment of Information
While the article focuses on the negative impacts of tariffs, it does not address potential benefits or positive outcomes that could arise from such trade policies—such as job creation in other sectors or long-term benefits from renegotiated trade agreements. This could indicate a bias towards highlighting negative aspects while downplaying any positives.
Manipulation Assessment
The manipulation rate of this article can be considered moderate. It presents factual information regarding job loss and economic forecasts, but it may selectively emphasize negative outcomes without providing a balanced view. The language used is straightforward, yet the emphasis on job loss may evoke fear, influencing public sentiment against current trade policies.
Truthfulness of the Content
The article appears to be based on credible sources, including the ILO and IMF reports. However, the interpretation of the data may lean towards a pessimistic outlook, which could affect its overall reliability.
Societal Implications
The potential impacts on society include increased public anxiety regarding job stability and economic performance. It might lead to calls for policy changes or greater scrutiny of trade agreements, influencing political discussions and voter sentiments.
Target Audience
This news likely resonates more with labor unions, workers in trade-dependent industries, and the general public concerned about job security. It may also appeal to economic analysts and policymakers who are focused on labor market dynamics.
Market Impact
The article could influence stock markets, especially those related to manufacturing and export-driven sectors. Companies that rely heavily on international trade may see stock fluctuations as investors react to the news of potential job losses and economic uncertainty.
Geopolitical Significance
The article touches on a significant aspect of the global economic landscape, particularly in relation to US-China relations and North American trade dynamics. It reflects ongoing concerns regarding how trade policies can reshape economic power balances.
Artificial Intelligence Use
It’s possible that AI was employed in drafting this article, especially in the data analysis and summarization process. AI models could have influenced the tone and structure, emphasizing certain statistics over others to drive home the narrative of job losses and economic downturn.
Manipulative Elements
The article may contain elements of manipulation, primarily through its focus on job loss, which could lead to heightened anxiety among readers. By framing the discussion around the vulnerabilities of the labor market, it could evoke emotional responses that align with a specific political narrative.
The insights drawn from this analysis reveal that while the article contains factual information, its framing may be designed to provoke a specific response from the audience regarding trade policies and their consequences.