Trump presses U.S. companies to close China operations
"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA. We don't need China and, frankly, would be far better off without them," U.S. leader Trump said in a series of tweets on Friday as reacting to Beijing's tariff decision.
- Economy
- Reuters
- Published Date: 07:17 | 23 August 2019
- Modified Date: 11:33 | 23 August 2019
U.S. President Donald Trump said on Friday he was ordering U.S. companies to look at ways to close their operations in China and make more of their products in the United States instead, a rhetorical strike at Beijing as trade tensions mounted.
Trump cannot legally compel U.S. companies to abandon China immediately and he gave no detail on how he might proceed with any such order, although he said he would be offering a response later on Friday to tariffs on American products announced by China earlier in the day
The U.S. dollar rose sharply against the Chinese yuan and U.S. stock markets fell on Trump's latest salvo against China.
"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA," Trump wrote on Twitter. "We don't need China and, frankly, would be far better off without them."
For many products sold in the United States, there are few alternatives to Chinese production, and shifting production for major goods produced there could take years and be expensive.
Last week, Trump backed off his Sept. 1 deadline for 10% tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods.
The U.S. Trade Representative's Office delayed tariffs on more than half the $300 billion in Chinese-made goods telling companies the delay covered product categories where China supplies more than 75 percent of total U.S. imports.