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.

Despite mounting financial pressure, China says it won’t negotiate until the Trump administration shows “sincerity” by canceling tariffs on its goods.

After three months of bluster and huge tariffs on both sides, Beijing and the Trump administration are softening their language on holding negotiations.