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yesterday

UN Projects 7 Million Fewer Jobs in 2025 as US Tariffs Weigh on Growth

The ILO links the job decline to an IMF downgrade of global growth expectations accompanied by looming US reciprocal tariffs

A container ship is pictured being unloaded at the Port of Oakland in May 2025 in Oakland, California.
A view of an illustration outside a wood flooring sales office next to an employment agency in Toronto, Ontario, Canada October 8, 2021. REUTERS/Chris Helgren/File Photo
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Overview

  • The ILO report forecasts 53 million jobs created in 2025, a 7 million shortfall from earlier estimates due to trade disruptions and geopolitical tensions.
  • In April, the IMF cut its global GDP growth outlook to 2.8% from 3.2%, citing uncertainty from President Trump’s new tariffs on imports like cars and steel.
  • Almost 84 million jobs across 71 countries are vulnerable because they depend on US consumer demand, with nearly 56 million at risk in the Asia-Pacific region.
  • ILO Director-General Gilbert Houngbo warns that continued geopolitical strains and unpredictable US trade measures could further depress labor markets worldwide.
  • President Trump has set a July 9 deadline for trade agreements or plans to impose high reciprocal tariffs on countries that fail to reach new deals.