Could Trump's Presidency Ax China’s US Shopping Spree?
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President-elect Donald Trump accused China of taking US money and jobs while on the campaign trail, and now that his presidency is approaching experts wonder whether he will put an end to China’s US shopping spree.
This year Chinese firms are, for the first time, acquiring almost as many foreign companies as the US does, more than doubling their 2015 record of $106B in overseas deals, Bloomberg reports. Some US lawmakers are afraid that close connections between Chinese companies and the Chinese government could threaten American security, especially within the tech sector.
It’s hard to say whether Trump will put teeth behind his campaign pledges concerning China—he’s already backtracked on Wall Street, consistently pointing out corruption while on the campaign trail but now nominating former Goldman Sachs exec Steven Mnuchin as Treasury secretary, though it seems he’s making good on his pledge to keep US manufacturing jobs at home. [Bloomberg]