Economy

Trump trade war a ‘symptom of paranoid delusions’ - Chinese media

Trump trade war a ‘symptom of paranoid delusions’ - Chinese media

One of his complaints with Chinese law is the amount of overtime that factory workers are allowed to take. He accused China of stealing U.S. intellectual property, a charge Beijing denies.

"China has tougher overtime regulations than the US and the European Union, and they understand those are unreasonable regulations, unreasonable laws", Gou said, according to Bloomberg.

Gou, who founded Hon Hai in 1974, said Foxconn workers actually want to work more hours and that forcing them to put in less time reduces their income.

The billionaire chief of Foxconn Technology Group, the main iPhone assembler for Apple and the builder of Echo and other devices for Amazon, argues that China's "unreasonable" restrictions on overtime hours hurts his workers and the company's competitiveness.

More news: Traders Move Risk Off The Table Alarmed By Escalating Trade War

The trade row between the E-U and the United States is in its full force as the European Commission says it will begin charging 25 percent import duties on a range of American products. Foxconn received billions in state and local aid in exchange for a promise to create jobs.

But some of Trump's other economic policies, such as saber-rattling over tariffs, are less popular with Foxconn.

Foxconn's Chairman Terry Gou told the assembled throngs at the company's annual general meeting that the outfit's biggest challenge the company facing is the US-China trade war.

The European Commission in Brussels gave final approval for a 25 per cent duty on 2.8 billion euros (US$3.2 billion) of EU imports of a range of USA products including Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey. Trump responded to China's statement by threatening to impose even more tariffs, leading many to fear that a full-scale trade war is about to break out.