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Hon Hai Precision Industry owns Foxconn, a company which assembles the majority of the world’s mobile phones in mainland China and is one of Apple’s most important manufacturers.
Months of tit-for-tat tariff threats concluded on July 6th with China applying 25% tax on 545 US imports while the US levied 25% on 818 Chinese products. Both countries lodged cases with WTO (World Trade Organisation) and continued to bicker over tariffs. On September 24th, China began its second round of $60 billion anti-US tariffs, upping the overall figure to $110 billion. The US began collecting on its $200 Billion anti-China tariffs, raising overall import taxes to $250 billion at 10%, with a promise to hike it to 25% in the New Year.