President revives 2016 campaign playbook to bring manufacturing jobs back to US but majority of firms have no plans to leave China
President Donald Trump is reviving his 2016 campaign playbook on attacking China, but running as the incumbent means defending a record of only limited success in rewriting the economic relationship with Beijing.
Yet, despite hundreds of billions of dollars in tariffs that the US levied against China, sanctions imposed on Chinese officials and actions to restrict the Asian nation’s technology companies, the vast majority of American firms have no plans to pack up shop in China and come back to the US. In a separate US-China Business Council survey, 87% of the more than 100 canvassed American companies said they have no plans to shift production out of the Asian nation, citing long-term confidence in that market.While Trump’s campaign has not offered much detail on how he would bring back jobs from China in a second term, it cites other actions — such as tariffs on more than $300bn of the country’s products — as successes in dealing with what it terms “China’s rampant trade cheating.
Even as Trump has continued to push American companies to stop investing in China, his so-called phase one deal opened up new opportunities for US financial services and insurance firms that want to do business in the country.Some experts cast doubt on Trump’s ability to move jobs to the US given the track record of his first term.
“If Biden wins, China wins, because China will own this country,” he said during Labor Day remarks. Trump has also sought to shift blame for the virus, which has killed more than 189,000 Americans, to Beijing, regularly calling it the “China Virus.” Biden’s plan to curb corporate offshoring and to renew domestic manufacturing may block companies from parking profits in tax havens, but may not do enough to make shuttered factories hum again. It uses a carrot-and-stick approach that raises taxes on a corporation’s foreign profits but rewards companies with tax incentives for moving jobs and investment back to the US.Recent opinion polls showed the two candidates are now tied on voters’ trust to handle the economy.
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