Zhengzhou, a major manufacturing hub that makes many of the world’s Apple iPhones, bore the brunt of the trade war between the US and China during Donald Trump's first term.
Zhengzhou, a major manufacturing hub that makes many of the world’s Apple iPhones, bore the brunt of the trade war between the US and China during Donald Trump's first term.
At its peak, the Foxconn factory hired more than 300,000 workers and churned out nearly 100 million iPhones a year, earning the city the nickname"iPhone city".But Zhengzhou's economy has been hit by a cold spell since 2018, when Trump began slapping tariffs and other trade barriers on Chinese products.Then came the three-year COVID-19 pandemic and lockdowns.
Since then, the workforce in Zhengzhou has reduced by up to 40 per cent from its peak. Buildings that used to house thousands of Foxconn employees now lay mostly vacant.“I have been here for six years, but business in the past two years has been particularly tough. There is barely any foot traffic now,” restaurant owner Ren Hui told CNA.
The electronics manufacturing giant brought in around 50,000 workers in its latest hiring spree in August. It also promised to invest 1 billion yuan to build a new business headquarters in the city.Trump’s tariffs pose a significant threat not only to the city’s economy, but also to the livelihoods of countless workers who rely on those industries. The ripple effects extend to the communities where these workers live, potentially disrupting local economies and social stability.
Its founder Zhang Gaofeng said the firm started selling to the US in 2018, and managed to buck the trend in Trump’s first term because it mainly targets the high-end market.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Woman Appeals for Return of Lost iPhone in Johor BahruA Singaporean woman is appealing for the return of her lost iPhone 16 Plus, which was tracked to Johor Bahru after being left behind in a women's restroom at Paya Lebar Quarter on New Year's Day.
Read more »
Apple Cuts iPhone Prices in China to Fight Huawei CompetitionApple Discounts iPhones in China to Counter Huawei's Growing Market Share
Read more »
Apple to Meet Indonesian Officials to Discuss Investment for iPhone 16 SalesApple will meet with Indonesian officials to discuss investment plans, a necessary step for the company to sell its latest iPhone 16 in the country.
Read more »
Indonesia Lifts iPhone 16 Sales Ban After Apple Investment DealIndonesia lifted the ban on sales of the iPhone 16 model after Apple agreed to invest US$1 billion in the country to meet local manufacturing requirements.
Read more »
Indonesia's iPhone Standoff: A Costly Headache for Foreign Tech?Indonesia's ban on the iPhone 16 sale over local component requirements highlights the regulatory challenges for foreign tech companies in the country. While the government celebrates its victory, experts warn of potential long-term consequences.
Read more »
Special Counsel Smith: Trump Engaged in 'Unprecedented Criminal Effort' to Overturn 2020 ElectionUS Special Counsel Jack Smith concluded that Donald Trump engaged in an 'unprecedented criminal effort' to retain power after losing the 2020 election, but the report details that the imminent presidential transition halted the case from going to trial. Smith's report outlines his decision to indict Trump on four counts, alleging a conspiracy to obstruct the certification of votes and defraud the United States. Smith defended his investigation against Trump's accusations of political motivation, while Trump's lawyers called the report a 'politically-motivated attack'.
Read more »