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| Trump threatens to impose new taxes on American companies |
President Donald Trump has threatened to impose new taxes on U.S. companies that produce goods outside the U.S. (such as Apple). It is a new step his government could take to move the supply chain away from China and boost new trade. Fence.
Trump said: If the company does not want to pay additional taxes, the tax encourages the company to return to the United States. Trump has not clarified whether these new taxes represent new global tariffs or another form of tax. Requires approval of congressional law.
US officials have said that the Trump administration is making great efforts to pressure companies to move production out of China to punish Beijing's rapid response to the Coronavirus epidemic.
When asked if Trump was considering granting tax exemptions to companies to return manufacturing operations to the United States, he said he could raise taxes if he did not do so, and suggested that those companies do business in the United States. Was returned.
"Frankly, one of the incentives is to tax these companies when they make products abroad, and we don't have to do much for them. Instead, these companies have to do it on our behalf," the President of the United States said.
Commerce Department data shows that U.S. companies have lost $ 46 billion because of Chinese business practices, technology transfer, and industrial policy since Donald Trump began imposing new punitive tariffs on Chinese imports.
Several groups of companies and economists have asked Trump to cut tariffs, at least temporarily, in order to reduce cost pressure on U.S. firms with a sharp drop in sales. The International Monetary Fund has warned that the removal of new barriers to trade has persisted since the Great Depression of the 1930s. The worst recession.
Trump described the global supply chain as stupid and said: The Corona virus revealed these weaknesses in the supply chain by cutting important products, adding that there should be no supply chains and production should not be delivered to the United States.