Businesses like Apple, Nike and many other companies that previously vocally opposed Trump’s proposal of tariffs with China are now notably silent as Trump prepares to assume office, according to the WSJ. As China’s economy continues to suffer from slowing growth and mounting debt, U.S. companies no longer see the nation as a reliably profitable market to expand in, making them more receptive to playing ball with Trump’s economic agenda.
Trump has proposed a 20% universal tariff to all imported goods, and a 60% or higher tariff on all Chinese goods aimed at combating “unfair practices of foreign companies and foreign markets,” Brian Hughes, spokesperson for the Trump-Vance transition team, previously told the Daily Caller News Foundation.
“U.S. companies are more wary about doing business in China,” Anja Manuel, executive director of the Aspen Security Forum, told the WSJ. “You see that across all industries.”
U.S. President-elect Donald Trump arrives on New Year’s Eve at his Mar-A-Lago Club on December 31, 2024 in Palm Beach, Florida. (Photo by Eva Marie Uzcategui/Getty Images)
Trump’s tariffs on Chinese goods were maintained for the most part by President Joe Biden throughout his term, according to the WSJ. The U.S. still operates in a trade deficit with China, totaling around $245 billion in the first ten months of 2024.
Part of the impetus for the tariffs involves America’s struggling industrial base, with manufacturing shrinking to only 10% of the GDP in 2024 from around 25% in the 1950s, according to an analysis from Coalition for a Prosperous America. China’s economy is hitting a rough patch, as industrial production slowed in late 2024, according to the WSJ in November. China is also suffering from mounting debt, with combined borrowing from the government, households and corporations approaching 300% of the annual gross domestic product (GDP).
The real estate market in China had $18 trillion of value wiped out from 2021 to 2024, according to the WSJ.
Moreover, China is behind only Mexico and Canada as a buyer of U.S.-made products, with U.S. exports to the nation totaling $147.8 billion in 2023, according to the U.S. Census Bureau. However, imports from the U.S. declined 3.9% in November, according to China’s customs authority.
https://www.msn.com/en-us/money/other/us-businesses-suddenly-stop-carrying-water-for-beijing-as-second-trump-term-looms/ar-AA1wSkcg?ocid=entnewsntp&pc=LCTS&cvid=2980b9743ea4409cb0e5040ae4e2997a&ei=50
Trump has proposed a 20% universal tariff to all imported goods, and a 60% or higher tariff on all Chinese goods aimed at combating “unfair practices of foreign companies and foreign markets,” Brian Hughes, spokesperson for the Trump-Vance transition team, previously told the Daily Caller News Foundation.
“U.S. companies are more wary about doing business in China,” Anja Manuel, executive director of the Aspen Security Forum, told the WSJ. “You see that across all industries.”
U.S. President-elect Donald Trump arrives on New Year’s Eve at his Mar-A-Lago Club on December 31, 2024 in Palm Beach, Florida. (Photo by Eva Marie Uzcategui/Getty Images)
Trump’s tariffs on Chinese goods were maintained for the most part by President Joe Biden throughout his term, according to the WSJ. The U.S. still operates in a trade deficit with China, totaling around $245 billion in the first ten months of 2024.
Part of the impetus for the tariffs involves America’s struggling industrial base, with manufacturing shrinking to only 10% of the GDP in 2024 from around 25% in the 1950s, according to an analysis from Coalition for a Prosperous America. China’s economy is hitting a rough patch, as industrial production slowed in late 2024, according to the WSJ in November. China is also suffering from mounting debt, with combined borrowing from the government, households and corporations approaching 300% of the annual gross domestic product (GDP).
The real estate market in China had $18 trillion of value wiped out from 2021 to 2024, according to the WSJ.
Moreover, China is behind only Mexico and Canada as a buyer of U.S.-made products, with U.S. exports to the nation totaling $147.8 billion in 2023, according to the U.S. Census Bureau. However, imports from the U.S. declined 3.9% in November, according to China’s customs authority.
https://www.msn.com/en-us/money/other/us-businesses-suddenly-stop-carrying-water-for-beijing-as-second-trump-term-looms/ar-AA1wSkcg?ocid=entnewsntp&pc=LCTS&cvid=2980b9743ea4409cb0e5040ae4e2997a&ei=50
statistics: Posted by Hockeygoon — 4:48 PM - Today — Replies 1 — Views 39