Published: Sat, June 23, 2018
Business | By Eloise Houston

Trump trade war a ‘symptom of paranoid delusions’ - Chinese media

Trump trade war a ‘symptom of paranoid delusions’ - Chinese media

Gou said that the biggest challenge that Foxconn is facing is the prospect of a trade war with China.

China's commerce ministry accused the United States on Thursday of being "capricious" over bilateral trade issues and warned that the interests of USA workers and farmers would ultimately be hurt by Washington's penchant for brandishing "big sticks". Amazon said an audit of the facility uncovered "issues of concern" about the use of overtime and contract workers, and the company has asked for changes.

"We have a number of response plans", Gou said at Hon Hai's annual shareholder meeting.

"What they are fighting is not a trade war, it's a tech war".

In return, the European industry leaders want U.S. President Donald J. Trump to withdraw the threat of imposing a 25 percent tax on European auto imports, made after the EU threatened retaliation to metal tariffs. Gou however refrained from criticizing either side in current negotiations, saving his sharpest comments for domestic labor law.

Chinese media argued on Friday that the US administration is failing to recognize that it is the USA that will be hurt by Trump's trade war.

The Foxconn chief also repeated a pledge to employ robots to replace 80 per cent of workers in the coming years, as one potential solution.

"The U.S. has the upper hand over China in technology, defense and global influence, and therefore the country will continue to have a strategic initiative over Beijing for the foreseeable future", it said.

The European Commission in Brussels gave final approval for a 25 per cent duty on 2.8 billion euros (US$3.2 billion) of EU imports of a range of USA products including Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey.

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