U.S. Treasury Secretary Scott Bessent predicted on Tuesday that China could lose 10 million jobs quickly due to tariffs and that Beijing will see over time that Chinese tariffs are not sustainable.

China can expand domestic demand through various policies including rebates for swapping old vehicles, appliances and factory equipment for new ones, Zhao said, forecasting that demand for equipment upgrades will exceed 5 trillion yuan ($34.8 billion) a year.

President Donald Trump’s unprecedented tariffs, particularly on China, and recent attacks on Federal Reserve Chair Jerome Powell caused alarm among some of his top advisers and America’s biggest CEOs, who warned of financial chaos and store shelves that could go bare, people familiar with the conversations said.