Why Foreign Companies Are Shutting Shop in China
Jane Li, CNBC
US-based Seagate, the world’s biggest maker of hard disk drives, closed its factory in Suzhou near Shanghai last month with the loss of 2,000 jobs, in a move that has rekindled fears that China is becoming increasingly hostile towards foreign firms operating in the country. Seagate has joined a spate of foreign companies to shutter operations in China in recent years, for various reasons, but most have attributed the country’s high tax regime, rising labor costs, and fierce competition from domestic companies.
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Source: Victims of Communism