Friday, November 18, 2016

Countries like Singapore stealing US jobs: Trump

I don't know much about politics (I am more interested in economics though) but I did follow the US election results and the aftermath as politics and economics are very closely linked. During the election, one issue that catches my attention is this:

Trump claims that countries such as Singapore, China, India and Mexico are stealing jobs from Americans, and vowed to stop the Trans-Pacific Partnership (TPP).

"America has lost 70,000 factories since China entered the World Trade Organisation, another Bill and Hillary-backed disaster," he told supporters in Florida, reported the Press Trust of India. "We are living through the greatest jobs theft in the history of the world."

Mr Trump said Goodrich Lighting Systems laid off 255 workers and moved jobs to India, while Baxter Health Care Corporation laid off 199 workers and moved its jobs to Singapore. "It's getting worse and worse and worse," he said.

A Trump administration, he said, would impose a 35 per cent tax on any US company that wants to fire its workers and move to another country, and then shift its product back into the United States.
He also said he would immediately stop the "job-killing" TPP, calling it another disaster in the making.

If that is the case, it would not be good for countries who want to attract foreign investment.

Or maybe it could be a double-edged sword?

Recognising that tensions regarding the lack of jobs are high among Americans, he played his cards right, promising to protect their jobs and reign in companies, should he be elected.

However, someone made a comment that it was automation that caused jobs loss in US.

I think the Americans will keep their fingers crossed to see whether Trump will fulfill his promises.


Rose World said...

Let see what he can do.

Twilight Man said...

I used to have my own biased opinion about the way they were being racists until I had to live in US. Eventually I could understand why their culture and problems created all those sensitive issues. We have to remember that everything happens for a reason and nothing is by coincidence.

I also read about Trump's remarks on the stolen jobs from them which his words shook many ears. I used to study advertising in US and learned how they invented the first Carrier Air Cons, Ford Cars & many more. In the end Panasonic, Toyota and other brands improved & overtook their market share. They also said technology being stolen! I need not elaborate this, right?

Like it or not, I have silently voted that Trump should lead US for a change to help their ailing economy which no past Presidents could revive in the past 20 years. He is a blunt and daring businessman who single handedly built his Trump Empire which survived a bankruptcy once. Let's keep fingers crossed and hope for the best.

Phong Hong said...

It would be interesting to see Mr Trump implement his policies and see if he can deliver what the promised the Americans.

Libby said...

Rose, PH: Yes, let us see whether he will deliver what he promised

TM: It might not be a bad thing after all when Trump is elected

CL (RealGunners) said...

That is just election talk mostly, I don't think he will be able to deliver what he promised about job thefts in the literal sense. You know these corporations, when they move their operations to, say Singapore and Malaysia, they do it on a separate entity registered in said countries? Eg Intel in Malaysia is under Intel (M) Sdn Bhd and Intel in Singapore is called Intel Singapore Pte Ltd, and not Intel Corps. He won't be able to just threaten the CEOs to move everything back to the US.

But Trump is a businessman, and businessmen thrive in making business deals. He will probably be able to get more from these corporations in terms of taxation and compensations than Obama did. I'm guessing he would then make appropriate investments with those new age green tech startups which would in turn generate more jobs for the Americans as well. As long as he can one way or another create more jobs, and reduce the govt deficit, everyone will be happy.

About the jobs in Singapore and Malaysia etc, don't think we need to worry so much... In fact, the risk of losing our jobs due to these US corporations moving to even cheaper destinations (India, Vietnam) is higher...