Trump says he’s ordering American companies to immediately start looking for an alternative to China

President Donald Trump on Friday said he was ordering U.S. companies to “immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA.”

Trump also said he was ordering all U.S. postal carriers, including FedEx, Amazon, UPS and United States Post Office, “to SEARCH FOR & REFUSE all deliveries of Fentanyl from China (or anywhere else!).”

And Trump said he will respond this afternoon to China’s newest round of tariffs on U.S. goods.

The White House did not immediately respond when asked if the announcement, delivered in a four-part Twitter thread Friday morning, constituted an official order from the president.

It was not immediately clear how, or under what authority, the president could implement these declared orders, or whether he had already done so.

Stocks sank to session lows shortly after Trump’s tweets. The Dow Jones Industrial Average fell more than 435 points, or 1.6%, while the S&P 500 slid 1.7% and the Nasdaq Composite dove 2%.

In a statement, UPS said that it “follows all applicable laws and administrative orders of the governments in the countries where we do business. We work closely with regulatory authorities to monitor for prohibited substances.”

FedEx also responded: “FedEx already has extensive security measures in place to prevent the use of our networks for illegal purposes. We follow the laws and regulations everywhere we do business and have a long history of close cooperation with authorities.”

Amazon and the Postal Service were not immediately available for comment.

Trump’s tweets followed another missive against Federal Reserve Chairman Jay Powell, who had just pledged to “act as appropriate” to sustain the U.S. economy amid the “deteriorating” global economic outlook.

In an apparent response, Trump tweeted: “Who is our bigger enemy,” Powell or Chinese President Xi Jinping?

Earlier Friday, China had announced it would slap retaliatory tariffs of 5% and 10% on roughly $75 billion in U.S. imports. The new import taxes represent the latest escalation in the increasingly fraught U.S.-China trade war, as well as a direct response to Trump’s plan to impose duties on $300 billion worth of China’s goods by mid-December.

Top trade advisors Robert Lighthizer and Peter Navarro were reportedly near the Oval Office just before the president sent his latest tweets. A source later told CNBC that Trump was meeting with his trade team Friday.

[CNBC]

Trump tweet sparks concerns that the US may raise tariffs on Europe

U.S. President Donald Trump has accused China and Europe of manipulating their currencies, raising fears that Washington will carry out repeated threats to impose tariffs on goods from the European Union.

“Accusations of Eurozone currency manipulation are … flying from the White House with talk of tariffs on the EU and European countermeasures heating up trade tension between the two regions,” said Robert Carnell, chief economist at Dutch bank ING.

In a tweet on Wednesday morning U.S. time, Trump said: “China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA.”

He then called for easier monetary policy, adding that the U.S. should “match” the monetary policies of China and Europe.

In late May, the U.S. Commerce Department had proposed tariffs on goods from countries found to have undervalued their currencies against the dollar.

“This change puts foreign exporters on notice that the Department of Commerce can countervail currency subsidies that harm U.S. industries,” Commerce Secretary Wilbur Ross had said in a statement. “Foreign nations would no longer be able to use currency policies to the disadvantage of American workers and businesses,” he said.

[CNBC]

Trump bizarrely claims tariffs have previously paid for America’s highways and military in bonkers ‘no debt’ tweet

In a late Sunday morning tweet, President Donald Trump claimed that past administrations paid cash collected from tariffs to fund America’s military and build highways.

Skipping over U.S. taxation collections and government borrowing, the president claimed, “When our Country had no debt and built everything from Highways to the Military with CASH, we had a big system of Tariffs. Now we allow other countries to steal our wealth, treasure, and jobs – But no more! The USA is doing great, with unlimited upside into the future!”

You can see the tweet below:

[Raw Story]

Mexico Agreed to Take Border Actions Months Before Trump Announced Tariff Deal

 The deal to avert tariffs that President Trump announced with great fanfare on Friday night consists largely of actions that Mexico had already promised to take in prior discussions with the United States over the past several months, according to officials from both countries who are familiar with the negotiations.

Friday’s joint declaration says Mexico agreed to the “deployment of its National Guard throughout Mexico, giving priority to its southern border.” But the Mexican government had already pledged to do that in March during secret talks in Miami between Kirstjen Nielsen, then the secretary of homeland security, and Olga Sanchez, the Mexican secretary of the interior, the officials said.

The centerpiece of Mr. Trump’s deal was an expansion of a program to allow asylum-seekers to remain in Mexico while their legal cases proceed. But that arrangement was reached in December in a pair of painstakingly negotiated diplomatic notes that the two countries exchanged. Ms. Nielsen announced the Migrant Protection Protocols during a hearing of the House Judiciary Committee five days before Christmas.

And over the past week, negotiators failed to persuade Mexico to accept a “safe third country” treaty that would have given the United States the legal ability to reject asylum seekers if they had not sought refuge in Mexico first.

Mr. Trump hailed the agreement anyway on Saturday, writing on Twitter: “Everyone very excited about the new deal with Mexico!” He thanked the president of Mexico for “working so long and hard” on a plan to reduce the surge of migration into the United States.

It was unclear whether Mr. Trump believed that the agreement truly represented new and broader concessions, or whether the president understood the limits of the deal but accepted it as a face-saving way to escape from the political and economic consequences of imposing tariffs on Mexico, which he began threatening less than two weeks ago.

Having threatened Mexico with an escalating series of tariffs — starting at 5 percent and growing to 25 percent — the president faced enormous criticism from global leaders, business executives, Republican and Democratic lawmakers, and members of his own staff that he risked disrupting a critical marketplace.

After nine days of uncertainty, Mr. Trump backed down and accepted Mexico’s promises.

Officials involved with talks said they began in earnest last Sunday, when Kevin K. McAleenan, the acting secretary of homeland security, met over dinner with Mexico’s foreign minister. One senior government official, who was not authorized to speak publicly about the closed-door negotiations that took place over several days, insisted that the Mexicans agreed to move faster and more aggressively to deter migrants than they ever have before.

Their promise to deploy up to 6,000 national guard troops was larger than their previous pledge. And the Mexican agreement to accelerate the Migrant Protection Protocols could help reduce what Mr. Trump calls “catch and release” of migrants in the United States by giving the country a greater ability to make asylum-seekers wait in Mexico.

But there remains deep skepticism among some American officials — and even Mr. Trump himself — about whether the Mexicans have agreed to do enough, whether they will follow through on their promises, and whether, even if they do, that will reduce the flow of migrants at the southwestern border.

In addition, the Migrant Protection Protocols already face legal challenges by immigrant rights groups who say they violate the migrants’ right to lawyers. A federal judge blocked the Trump administration from implementing the plan, but an appeals court later said it could move forward while the legal challenge proceeds.

During a phone call Friday evening when he was briefed on the agreement, Mr. Trump quizzed his lawyers, diplomats and immigration officials about whether they thought the deal would work. His aides said yes, but admitted that they were also realistic that the surge of immigration might continue.

“We’ll see if it works,” the president told them, approving the deal before sending out his tweet announcing it.

On Saturday, Mike Pompeo, the secretary of state, said the government looked forward to reducing illegal immigration and making the border “strong and secure” by working with Mexico to fulfill the agreement.

Mr. Trump’s decision to use trade as a bludgeon against Mexico was driven in part by his obsession with stopping what he falsely calls an invasion of the country and in part by a desire to satisfy his core supporters, many of who have grown angry at his inability to build his promised border wall.

Many of his top advisers, including those who oversee his political and economic agendas, were opposed to the tariff threat. But the president’s ire is regularly stoked by the daily reports he receives on how many migrants have crossed the border in the previous 24 hours.

Mr. Trump’s top immigration officials had repeatedly warned the president that results from their work to curb the flow of migrants might not be evident until July, and urged patience.

But that effort became more difficult in May, when the numbers spiked to the highest levels of his presidency. During the week of May 24, 5,800 migrants — the highest ever for one day — crossed on a single day. That was quickly followed by a group of 1,036 migrants who were caught on surveillance cameras crossing the border en masse.

Mr. Trump later tweeted out the video, and the tariff threat soon followed.

Throughout the week’s negotiations, officials on both sides worried about what Mr. Trump would be willing to accept in exchange for pulling back on his tariff threat. That question hung over the talks, which were led one day by Vice President Mike Pence and included Mr. Pompeo and Mr. McAleenan.

Mexican officials opened the negotiations with the offer to deploy their new national guard troops against migrants, using a PowerPoint presentation to show their American counterparts that doing so would be a breakthrough in their ability to stop migrants from flowing north through Mexico, often in buses.

In fact, Mexican officials had already made the same promise months earlier when Ms Nielsen met in Miami with Ms. Sanchez and aides to Marcelo Ebrard, the Mexican foreign minister. The purpose of the meeting, according to people familiar with it, was to press the Mexicans to act faster.

Ms. Sanchez also told Ms. Nielsen that the Mexican government’s new national guard, which had been created just a month earlier to combat drugs and crime, would be redirected to the border with Guatemala, the entry point for most of the Central American migrants.

At the time, Ms. Nielsen and the other American negotiators referred to the Mexican promise as the “third border” plan because the Mexicans proposed creating a line of troops around the southern part of their country to keep migrants from moving north.

Mexicans had begun to follow the plan, but not quickly enough for the Trump administration, which said that only about 1,000 Mexican national guard troops were in place by May.

Friday’s agreement with Mexico states that the two countries “will immediately expand” the Migrant Protection Protocols across the entire southern border. To date, migrants have been returned at only three of the busiest ports of entry.

But officials familiar with the program said Saturday that the arrangement struck by the two countries last December always envisioned that it would expand along the entire border. What kept that from happening, they said, was the commitment of resources by both countries.

In the United States, migrants must see immigration judges before they can be sent to wait in Mexico, and a shortage of judges slowed the process. The Mexican government also dragged its feet on providing the shelter, health care, job benefits and basic care that would allow the United States to send the migrants over.

The new deal reiterates that Mexico will provide the “jobs, health care and education” needed to allow the program to expand. But the speed with which the United States can send more migrants to wait in Mexico will still depend on how quickly the government follows through on that promise.

Perhaps the clearest indication that both sides recognize that the deal might prove insufficient is contained in a section of Friday’s agreement titled “Further Action.”

One official familiar with the negotiations said the section was intended to be a serious warning to the Mexican government that Mr. Trump would be paying close attention to the daily reports he received about the number of migrants crossing the border. The official said that if the numbers failed to change — quickly — the president’s anger would bring the parties back to the negotiating table.

“The tariff threat is not gone,” the official said. “It’s suspended.”

[The New York Times]

Trump: ‘Foolish’ for GOP to try to stop tariffs on Mexico

President Trump on Tuesday insisted he will follow through with new tariffs on Mexico if it does not do more to curb illegal migration and said it would be “foolish” for congressional Republicans to try and stop him.

“We are going to see if we can do something, but I think it’s more likely that the tariffs go on,” Trump said during a joint press conference with British Prime Minister Theresa May.

Addressing deliberations by Republicans on a measure that could limit his tariff power, Trump said, “I don’t think they will do that. I think if they do, it’s foolish.”

Trump’s proposed tariffs on Mexican imports are scheduled to take effect on Monday. A 5 percent tariff on all goods would be imposed, and it could grow to 25 percent by October unless Trump is satisfied with steps taken by Mexico on immigration.

A team of Mexican diplomats is in Washington this week seeking to convince the administration to back away from the plan, which has also unsettled U.S. businesses. Secretary of State Mike Pompeo is scheduled to break off from Trump’s European trip to attend the meetings.

Asked if Mexico has done enough to avoid the tariffs, Trump responded “no, we haven’t started yet” and reaffirmed the tariffs will begin “next week.”

But the president added the two countries would be talking over the coming weeks and months and expressed hope Mexico will “step up and give us security for our nation.”

Trump’s tariffs, which were opposed by some of his closest trade advisers, have also run into resistance on Capitol Hill where Republicans who traditionally support free trade want the president to change course, fearing they could derail efforts to ratify a new North American trade pact.

Some GOP senators have floated the possibility of passing legislation to disapprove of the Mexico tariffs and curtail his ability to unilaterally impose tariffs in the future, but there are differences on how to proceed.

Trump suggested GOP lawmakers would be punished politically for going against him, claiming he has a 94 percent approval rating among Republican voters and pointing out “there’s nothing more important than borders” for his base.

It remains unclear what Mexico might have to do in order to satisfy the president’s concerns.

In announcing the tariffs, Trump tweeted that all illegal immigration would have to “STOP” but administration officials later said there was no specific goal that would need to be met and instead the Mexican government would have to show progress on securing its border with Guatemala, deporting migrants and cracking down on criminal gangs.

Trump tells an absurdly brazen lie while he rants about tariffs at White House event

President Donald Trump repeatedly claimed the federal government is taking in “tens of billions of dollars” in tariffs leveled on foreign goods, suggesting those taxes are being paid by foreign nations, when in reality they are being paid for by U.S. consumers.

The President also claimed that no president before him has ever leveled tariffs on foreign goods, which is tremendously false.

“We’ve never taken in ten cents [in tariffs] until I got elected,” Trump told reporters Monday from the Oval Office. That’s a lie.

“I love the position we’re in,” Trump added, as the markets tumbled on news China may retaliate in Trump’s tariff war. The DOW has been down about 600 points much of the day, following rough days for markets Thursday and Friday last week.

[Raw Story]

Reality

The reality is tariffs were the main source of all Federal revenue from 1790 to 1914. At the end of the American Civil War in 1865 about 63% of Federal income was generated by the excise taxes, which exceeded the 25.4% generated by tariffs. In 1915 during World War I tariffs generated only 30.1% of revenues. Since 1935 tariff income has continued to be a declining percentage of Federal tax income.

Trump doubles down on China tariffs, saying there is ‘no reason’ for US consumers to pay them

President Trump on Monday argued in a series of tweets that China will bear the brunt of the new tariffs his administration is imposing on the country, a day after one of his top economic advisers said both the U.S. and China would be hurt by the economic fight.

Trump wrote in the tweets that there was no “reason” for U.S. consumers to pay the tariffs, arguing in part that people in the United States could avoid paying the tariffs by buying products produced in other countries or in the United States.

“Their is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today,” Trump wrote in one of the posts on Twitter.

In a second tweet, he said a consumer could “buy the product inside the USA (the best idea).”

He said companies would leave China for other countries, such as Vietnam, to avoid the tariffs.

https://twitter.com/realDonaldTrump/status/1127886307118678016?ref_src=twsrc%5Etfw
https://twitter.com/realDonaldTrump/status/1127886307995336705?ref_src=twsrc%5Etfw

Trump’s comments come just a day after his top economic adviser, Larry Kudlow, in an interview on “Fox News Sunday” said both China and U.S. consumers would be hurt by the tariffs.

“In fact, both sides will pay in these things, and of course it depends,” Kudlow responded after host Chris Wallace pressed him on how importers of Chinese products hit by tariffs will pay those tariffs.

Most economists agree that the costs of the tariffs will be paid by U.S. consumers in the form of higher prices on imported products from China.

Kudlow did say that China would suffer, too, from the fight, saying they would be hit by gross domestic product losses and a diminishing export market.

The Trump administration announced it would hike tariffs on $200 billion in Chinese products on Friday. Tariffs that were 10 percent are jumping to 25 percent. 

It’s unclear how easy it would be for U.S. consumers to avoid higher prices coming because of the tariffs. It’s also not clear yet how prices will be effected, since the tariffs only went into effect on Chinese products leaving China on Friday.

[The Hill]

Stock Market Falls as Trump threatens tariffs on $11 billion of EU goods

U.S. stocks closed lower Tuesday, with the S&P 500 snapping its eight-day winning streak, on fears over escalation of trade tensions with the European Union and a weaker global outlook from the International Monetary Fund.

How did the benchmarks fare?

The Dow Jones Industrial Average DJIA, -0.72%  dropped 190.44 points, or 0.7%, to close at 26,150.58, while the S&P 500 index SPX, -0.61% fell 17.57 points. or 0.6%, to 2,878.20. The Nasdaq Composite Index COMP, -0.56% declined 44.61 points, or 0.6%, to 7,909.28.

What drove the market?

The office of the U.S. Trade Representative threatened to levy tariffs on many European goods late Monday. The threat is a retaliation against European companies’ subsidies for aircraft manufacturer Airbus SE EADSY, -1.82% If the U.S. follows through, the proposed tariffs would affect about $11 billion in imports to the U.S., including helicopters, bicycles, cheese and wine.

Lighthizer said the Trump administration would wait for World Trade Organization clearance to implement the duties. President Donald Trump Tuesday morning tweeted that the EU has taken advantage of the U.S., adding that it would “soon stop!”:

The U.S.-EU tensions comes with the administration reportedly close to resolving a yearlong spat with China, which has roiled markets amid fears the clash between the world’s largest economies could disrupt global economic growth.

The IMF lowered the outlook for global economic growth in 2019 to 3.3% from 3.5% projected in January, marking its third reduction of growth expectations in six months. The decline has been broadly felt, with all advanced economies, including the U.S., and most major emerging-market economies seeing deterioration in their outlook.

Meanwhile, data pointed to a tightening of the U.S. labor market. The number of job openings in the U.S. fell by 538,000 to 7.1 million on the last business day of February, marking the smallest number of job openings since March of 2018.

The National Federation of Independent Business’s small-business optimism index edged up 0.1 point to a seasonally adjusted 101.8, marking the third month in a row in a narrow range.

What were strategists saying?

“The tariff threat is probably what’s moving markets negatively,” Karen Cavanaugh, senior market strategist with Voya Investment Management, told MarketWatch, though she noted that tariffs being discussed are relatively small. “We’re in an information vacuum before earnings season, and right now any little thing could move markets until we get something substantial to sink our teeth into.”

“Sentiment in continental Europe is holding up well, considering the heightened tensions between Washington, D.C., and Brussels in relation to the threat of $11 billion worth of tariffs being imposed on European imports,” wrote David Madden, market analyst at CMC Markets, in a research note.

Which stocks were in focus?

Apple Inc. AAPL, -0.30%  surrendered early gains to fall 0.3%, bringing its nine-day win streak to a close as its effort to reclaim $1 trillion in market cap took a pause.

Shares of Wynn Resorts LtdWYNN, -3.86% dropped 3.9% after the company terminated talks to purchase Australia’s Crown Resorts.

Shares of Paris-listed Airbus SE AIR, -1.86%  were off 1.9% amid the U.S. tariff threat. U.S. listed shares EADSY, -1.82% also fell 1.8%.

Avaya Holdings CorpAVYA, +4.17% shares gained 4.2% after Bloomberg reported that the communications software company is organizing a sales process for the company, following the receipt of unsolicited bids.

General Electric CoGE, -2.85% shares slid 2.9% a day after J.P. Morgan analyst Stephen Tusa downgraded the stock.

Shares of American Airlines Group IncAAL, -1.68% fell 1.7% after the company cut its first quarter guidance.

How were other markets trading?

Markets in Asia closed on a mixed note, with Japan’s Nikkei 225 NIK, -0.61%adding 0.2%, Hong Kong’s Hang Seng Index HSI, -0.35% rising 0.3%, while the Shanghai Composite Index SHCOMP, -0.39% lost 0.2%. European stocks were lower, with the Stoxx Europe 600 SXXP, -0.47% down 0.5%.

In commodities markets, the price of oil CLK9, +0.19% retreated from five-month highs, while gold futures GCM9, -0.13% settled higher. The U.S. dollarDXY, +0.02% was mostly unchanged.

[MarketWatch]

Stock markets plunge after Trump’s ‘Tariff Man’ tweet

Stocks took a nosedive on Wall Street as investors worried that a US-China trade truce reached over the weekend wasn’t all it was cracked up to be.

The Dow Jones Industrial Average sank almost 800 points Tuesday.

Boeing and Caterpillar, two major exporters which would have much to lose if trade tensions don’t ease, weighed the most on the Dow.

Bond prices soared sharply, sending yields lower, as traders shoved money into lower-risk investments.

The sharp drop in yields hurt banks because it makes it harder to earn money from lending. JPMorgan Chase sank 4.5 percent.

The S&P 500 lost 90 points, or 3.2 percent, to 2,700.

The Dow dropped 799 points, or 3.1 percent, to 25,027. The Nasdaq fell 283 points, or 3.8 percent, to 7,158.

The markets plunged after President Donald Trump unleashed a threatening tweet Tuesday morning.

“President Xi and I want this deal to happen, and it probably will. But if not remember, I am a Tariff Man,” Trump tweeted.

[New York Post]

Trump tweets that tariffs are making the US “richer than ever before.” They’re not.

Either President Donald Trump isn’t sure how tariffs work or he’s being deliberately misleading about them.

The president fired off an early-morning tweet on Thursday declaring that billions of dollars are “pouring into the coffers of the United States” because of the tariffs his administration has put on some $250 billion in Chinese imports.

“If companies don’t want to pay Tariffs, build in the U.S.A.,” Trump wrote. “Otherwise, lets just make our Country richer than ever before!”

But that’s not really how tariffs work: The US may be generating some revenue from tariffs, but billions of dollars aren’t pouring in. Moreover, a lot of the money that is made off of tariffs comes from US consumers — not Chinese companies.

“If you think about who’s actually paying the tax, it’s like a sales tax. It’s like saying, ‘I put a sales tax on producers, isn’t this great we’re getting all this money?’ And then consumers say, ‘Wait, that’s from my wallet,’” said Michael Klein, a professor of international economic affairs at the Fletcher School at Tufts University and founder of the nonpartisan economics publication Econofact. “It’s just another example of taking where there’s a tiny germ of truth and blowing it up to the point where it’s absurd, for his own political purposes.”

On Thursday, Trump will travel to Buenos Aires for the G20 summit, where, among other agenda items, he’s expected to meet with Chinese President Xi Jinping for a working dinner to discuss the countries’ relations, including trade. The sit-down is seen as high-stakes, given that the US has placed nearly $250 billion in tariffs on Chinese goods and China has levied retaliatory tariffs of its own. The escalating trade war poses a threat to both nations’ economies.

Tariffs don’t really work this way

The Trump administration has shown itself to be pretty into the idea of tariffs. It’s put tariffs on steel and aluminum imports from multiple countries as well as on several billion dollars of Chinese goods. The way tariffs work is that the goods marked for tariffs face a border tax when they’re imported into the US.

As Vox’s Matt Yglesias recently explained, the US government with its initial rounds of China tariffs was careful to make sure the products it targeted had foreign-made alternatives:

When that happens, US purchasers switch to non-Chinese alternatives, and then consumers from outside the US tend to switch around and start buying the Chinese products. The overall impact is slightly less efficient global supply chains, some real pain to Chinese firms that need to find new customers, and a limited impact on American prices.

In other words, thus far, things have been relatively tame. A recent study from EconPol Europe found that Trump’s first round of tariffs have increased the prices US buyers pay for Chinese-made goods by 4.5 percent and decreased the prices received by Chinese sellers of US-bound goods by 20.5 percent.

That means that thus far, the tariffs have been mostly, but not entirely, paid for by China, but it’s not going great for anyone. And if Trump’s meeting with Xi doesn’t go well and the trade war escalates, the economic effects of tensions could worsen.

And it’s not going to be making the US significantly richer, because the more tariffs, the less incentive to import the goods affected, and therefore the less money being collected.

“If the point of tariffs is to reduce what you’re buying, that means you’re not going to make that much money,” Klein said.

And much of the money that does come in will be from Americans themselves. Tariffs are often passed on to consumers, therefore driving up prices and, ultimately, inflation.

Trump, who is personally very wealthy, has been rather cavalier about the potential for prices going up. In an interview with the Wall Street Journal this week in which he appeared to float the idea of putting tariffs on iPhones and laptops, he said, “I mean, I can make it 10 percent, and people could stand that very easily.”

“Made in the USA” isn’t as easy as Trump makes it out to be

President Trump often makes the case that many of the United States’ trade and economic problems could be solved if companies would just do all of their manufacturing here. He’s attacked General MotorsApple, and Harley-Davidson, among others, for having operations outside the US.

But “build in America” (which, by the way, many of Trump’s companies didn’t) isn’t as easy as it sounds. Supply chains are global, so even when Trump thinks he’s hitting back at China over, say, the iPhone, he’s missing the fact that the product is sourced from a lot of places, and its supply chain spans many countries.

In an Econofact analysis last year, Klein and Harvard political economist Marc Melitz estimated that each iPhone 7 imported to the US was recorded as a $225 import from China, but of that amount, only $5 represents work performed in China, largely assembly. The remaining $220 corresponds to other parts of Asia, Europe, and the Americas.

“It always sounds good when a president sounds tough on trade and issues protectionist policies,” Wayne Lam, a principal analyst at the information and analytics firm IHS Markit, told me when discussing the iPhone earlier this year. “We just don’t have the sheer workforce size nor skill set to be good at consumer electronics manufacturing.”

[Vox]

1 2 3