Taiwan's Foxconn says global manufacturing footprint to shield it from tariffs

27/11/2024 12:53

        Taiwan's Foxconn said on Wednesday it expects any impact of new tariffs from U.S. President-elect Donald Trump to hit it less than its rivals, citing its global manufacturing footprint.
        
        Young Liu, chairman of the contract manufacturer and key Apple supplier, told reporters after a forum in Taipei that it saw the primary impact of any fresh tariffs falling on its clients because its business model was based on contract manufacturing.
        
        He said, "Clients may decide to shift production locations, but looking at Foxconn's global footprint, we are ahead. As a result, the impact on us is likely smaller compared to our competitors."
        
        U.S. President-elect Donald Trump said on Monday that on his first day in office he will impose a 25% tariff on all products from Mexico and Canada, and will charge goods from China an additional 10% tariff.
        
        Foxconn, the world's largest contract electronics maker, has large manufacturing facilities in China including a giant iPhone assembly plant.