China warns against new trade wars with US after Trump’s re-election
China's President Xi Jinping waves after introducing the members of the Chinese Communist Party's new Politburo Standing Committee, the nation's top decision-making body, in the Great Hall of the People in Beijing on October 23, 2022. (AFP Photo)
China announces that there will be no winners of a possible trade war between the US and China after Donald Trump’s reelection as the 47th president.
Taiwan will help firms to leave China
Taipei will help Taiwanese firms relocate their China-based production plants if President-elect Donald Trump carries out his threat to impose a 60 percent tariff on Chinese-made goods, the island’s economic ministry said Thursday.
During the election campaign, Trump vowed to get tougher on China, promising to slap 60 percent tariffs on all Chinese goods entering the United States.
“We will come up with some assistance very soon to our Taiwanese business people on how to transfer their production bases so they would not be subjected to a 60 percent tariff,” Taiwan Economic Minister Kuo Jyh-huei told a parliamentary committee.
Kuo did not provide further details on the measures.
Many Taiwanese companies have set up factories in China during the country’s economic opening over the last four decades, but investment has fallen sharply in recent years owing to regional tech disputes.
Between 2019 and 2021, as a trade war raged between Beijing and Washington, Taipei offered Taiwanese businesses in China incentives to return to the island.
They included two years free rent in the economic ministry’s industrial zones, labour subsidies and cheaper loans.
