China’s days as world’s factory are over, thanks to trade war: Foxconn boss

A key supplier to Apple Inc. and a dozen other tech giants plans to split its supply chain between the Chinese market and the US, declaring that China’s time as factory to the world is finished because of the trade war.

Hon Hai Precision Industry Co Chairman Young Liu said it’s gradually adding more capacity outside of China, the main base of production for gadgets from iPhones to Dell desktops and Nintendo Switches. The proportion outside the country is now at 30 per cent, up from 25 per cent last June.

That ratio will rise as the company — known also as Foxconn — moves more manufacturing to Southeast Asia and other regions to avoid escalating tariffs on Chinese-made goods headed to US markets, Liu told reporters after his company reported financial results.