United States

Thousands of Companies Leaving China –US President Donald Trump

Author : Odisha Today Bureau | Posted on: 2019-07-16

As US and China continue talks on ways to end the trade war, President Donald Trump on Monday in a tweet said that US tariffs have had a major effect on companies wanting to leave China for "non-tariffed countries" with "thousands leaving" the country.


Trump has claimed that his tariff battle with China is working after official data from Beijing showed growth in the world’s second biggest economy dropping to its slowest pace since 1992.


The US president said the impact of his protectionist measures had been to cause an exodus of companies from China, as Beijing announced that its annual rate of expansion had slowed from 6.4% to 6.2% in the second quarter of 2019. It was marked as the weakest performance in 27 years and confirming analysts' predictions that the ongoing trade war with the US would cause a slump in domestic demand.


n late June, Donald Trump and his Chinese counterpart, Xi Jinping, met on the sidelines of the G20 Summit in Japan and agreed to a truce in the trade war, with Washington holding off on imposing new tariffs on China and allowing US companies to sell products to tech giant Huawei.


The two leaders agreed during their meeting in Osaka to resume trade negotiations amid Washington's decision to not slap tariffs on all Chinese imports.


Earlier in May, Trump imposed a 25 per cent tariff on Chinese imports worth $200 million in response to the lack of progress in reaching a trade deal with Beijing.


"Thousands of companies are leaving. This is why China wants to make a deal with the US and wishes it had not broken the original deal in the first place," Trump added.


Trump's latest attack on China comes even as White House officials had informed that US officials were set for face-to-face trade talks in China. US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are expected to go to Beijing to resume talks which have seen little progress over larger issues.


Trump had earlier accused China of reneging on its commitments, however, hopes were revived after Trump met President Xi at the G20 Summit held in Osaka, Japan with both leaders agreeing to remain "fully engaged" on the trade issue.



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