Thursday, December 22, 2016

China tycoon moves jobs to US, citing high taxes at home

China tycoon moves jobs to US, citing high taxes at home: A Chinese auto glass tycoon has caused a stir by shifting part of his empire to the United States and setting up a factory in Ohio, citing high taxes and soaring labour costs at home.

Cao Dewang's $600-million investment comes after Donald Trump threatened to declare Beijing a currency manipulator and slap 45 percent punitive tariffs on Chinese imports to protect American jobs.

The 70-year-old tycoon's decision to open a glass factory in the eastern American state of Ohio in October -- a rare case of jobs being exported from China to the US -- triggered an outpouring of criticism on social media.

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