Foxconn calls Trump's trade war a tech war

Foxconn calls Trump's trade war a tech war

Many of Foxconn's factories are based in China, although it is based in Taiwan.

Foxconn, which as China's largest private employer keeps about a million on its payroll, has drawn fire for years over practices such as allowing overtime to soar during the peak season, when it sharply ramps up production to get devices to market in time for the holidays. Gou also said Foxconn's top challenge is the U.S.

Terry Gou, Foxconn's chairman, made the remarks at the manufacturer's annual shareholder meeting, according to Bloomberg and Reuters.

The European Union's retaliatory tariffs on a list of products in response to the United States tariffs on steel and aluminium will come into effect on Friday, the European Commission announced on Wednesday. Trump responded to China's statement by threatening to impose even more tariffs, leading many to fear that a full-scale trade war is about to break out.

AMC taking on MoviePass with new movie ticket program
MoviePass works at most theaters in the US , not just AMC, because the company pays full price for each and every ticket. AMC's leap into the subscription business suggests such services are only growing more vital to the movies business.

Gou, however, refrained from criticising either side in current negotiations, saving his sharpest comments for China's labour 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 CEO also repeated a pledge to employ robots to replace 80 percent of workers in coming years, as one potential solution.

A staff member walks past U.S. and Chinese flags placed for a joint news conference by U.S. Secretary of State Mike Pompeo and Chinese Foreign Minister Wang Yi at the Great Hall of the People in Beijing, China June 14, 2018.

"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.

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