Japan's Nintendo is also going to pull a portion of its video game console production from China to Vietnam, according to Nikkei.
Not only are foreign companies rethinking its production location, a handful of Chinese companies are also leaving China. Chinese multinational electronics company TCL is moving its TV production to Vietnam, while Chinese tire maker Sailun Tire is transitioning its manufacturing line to Thailand, Nikkei reported.
The prolonged trade battle seems to be taking a toll on the Chinese economy. Data on Monday showed its economic growth slowed to 6.2% in the second quarter —Trump claimed the slower growth is evidence that China is losing the trade war as the country faces an exodus of companies. "The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving. This is why China wants to make a deal," Trump said in a twitter post on Monday.
China will encourage those exporters selling to USA to move too.Those selling to Chinese markets will need to remain or get shut out of huge Chinese markets. Apple locating 30% to India means 70% remain in China, smart move.Shows China manufacturing can survive without US market
And more will follow. China’s goal is to control the world economically. Trump understands this, it’s never been military supremacy.
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Source: CNBC - 🏆 12. / 72 Read more »