There are many companies that have been relying on supplies from China in recent years, and some of them are extremely humongous corporations. however when Donald Trump ordered them to find alternatives to their Chinese operatives, companies like Apple, Nike, and Caterpillar took a humongous hit in the value of their shares because Trump demanded companies to pull all of the United States to pull production away from China earlier this month.
Many companies have member stocks in CNBS’s China trade index shows how the revenue and imports are received on a regular level from China. Companies like Best Buy and even Kohl’s have even had a humongous downslide.
Earlier this month trump had tweeted the following tweet:
“Our Country has lost, stupidly, trillions of dollars with China over many years. They have stolen our intellectual property at a rate of hundreds of billions of dollars a year and they want to continue. I won’t let it happen! We don’t need China and, frankly, would be far better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP. Our great American companies are hereby ordered to immediately start looking for an alternative to China…”
Even though the president doesn’t have the authority without backing of Congress, many companies’ shares have drastically dropped because of this.
According to the Chinese leading media, Xinhua, they state that both countries have always benefited to bring positive changes to both economies and talks of severing those bonds is beyond a stupid decision.