The pace of companies moving production out of China is accelerating, according to the Nikkei Asian review.
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.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Vietnam, China embroiled in South China Sea standoffVietnamese and Chinese ships have been embroiled in a weeks-long standoff near a...
Baca lebih lajut »
Asia stocks set to trade lower amid renewed US-China trade uncertaintyU.S. President Donald Trump said Tuesday that Washington and Beijing have a long way to go on trade, adding that America could place tariffs on an additional $325 billion worth of Chinese goods if needed.
Baca lebih lajut »
Signs point to the trade war dragging on as China strikes hard-line toneThe U.S. and China have restarted their trade talks, but signs are showing a deal could be even harder to reach now.
Baca lebih lajut »
China says Donald Trump is wrong on trade and not even Americans support himA Chinese Foreign Ministry spokesperson said 'China is not the only one that wants to conclude a trade deal,' but 'the U.S. wants it too.'
Baca lebih lajut »
Consumer Spending Holds Up Despite Tariff TalkThe trade dispute between the U.S. and China did not dampen June's retail sales.
Baca lebih lajut »
China-US trade talks reportedly slow to a standstill over HuaweiTrade negotiations between the world's two largest economies are stuck at a standstill, the Wall Street Journal reported Wednesday.
Baca lebih lajut »