"Unfortunately, the pandemic has slowed down our ability to move into Malaysia, so that's going to move into [2021] before we get it done."
Ryan said PwC's survey found slightly more executives were worried about trade tensions with China under Trump, compared with under Biden. However, almost 30% of respondents said they "strongly agree" that trade restrictions on China will be intensified no matter who wins. Biden, the former vice president under President Barack Obama, currently leads Trump by 7.9 percentage points in an average of national polls"I see the China-U.S. relationship still being very important. It's a major market, and so we do see investment there," said Ryan. "But on a relative basis, we're seeing U.S. companies planning to spread that out more, and that's a trend that's been underway for the last couple years that we expect to continue.
Another finding from PwC's survey is that regardless of the election outcome, 70% of business leadersto increase to help pay for the trillions of dollars in coronavirus stimulus. Trump's signature tax law lowered the rate from 35% to 21%. Biden has called for it to be raised to 28%. "One of the careful things we have to balance here, we clearly have a need to make sure we pay for the stimulus. We clearly have a need to make sure we don't leave people behind, but in the same token, we can't lose the competitiveness of U.S. businesses because that does mean jobs," Ryan said.
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