Covid-19: White House official backs sops for firms moving to US from China
Trump’s Say In This Matter
An economic advisor to President Trump spoke in favour of giving tax incentives to a few American companies.
It includes those who have their manufacturing bases in China.
In this battle of coronavirus, it is no surprise how hard-hit the entire world is, amidst this, Trump has made up his mind to stain his relationship with China.
The US has time and again criticized China’s handling of the entire coronavirus situation which has led to the demise of around about 90,000 Americans, as of now.
And if this was not enough, China has also been accused of stealing research work, something which even I think could be true.
What Could Have Been
America and China were supposed to have a trade deal this February which got halted because of you-know-what.
America’s increasing suspicion and disappointment with China is now leading to the cancellation of hundreds of trade deals.
The US has seen a major stoop in the economy, a shattering 14%, worst after The Great Depression.
The economy is crashing and the administration has decided not to continue the trade with China anymore.
White House Economic Director Larry Kudlow has reportedly said that a number of companies were ready.
Ready to be moving their manufacturing bases out of China and settle in the US.
He added how he wants to make America, the most charming place to work at.
So if the companies are moving from a foreign land to the US, they’d get a 50% discount on the corporate tax rate.
He said he’d do this for he is a believer of rewards and not punishment.
Larry went on to talk about reducing the tax charge from 20% to 10% and how this would benefit them in becoming more hospitable to new investments.
He also spoke about solidifying military ties with India and hold China totally responsible for lying.
Also, deceiving the entire world which has perpetually led to the life-threatening pandemic.
Trump has already warned China to figure out the origin of the virus, threatening to cut off his relationship entirely with China.