Trump’s tariffs may hurt, but this time China holds more cards − and could turn the pressure into a strategic advantage.

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 Sunday said the U.S. was meeting with many countries, including China, on trade deals, and his main priority with China was to secure a fair trade deal.