Power tools giant Techtronic ready to make more in the US if Trump raises tariffs on imports from China
The company this week reported record-high numbers for the ninth consecutive year, with profit increasing 15.4pc to a record US$409 million
Shares in power tools giant Techtronic Industries (TTI) gained nearly 7 per cent in Hong Kong, after the company said it is prepared to move some its production to the US if President Donald Trump rolls out protectionist policies against China.
But the Hong Kong-based company, which ships most of its products from China, has pledged to continue investing in facilities there to support sales growth in non-US markets.
“We can move very quickly if the law favours manufacturing in the US,” said Joseph Galli Jr, TTI’s chief executive officer. “We have kept them (the US factories) open, just in case something like this happens.”
Shares in TTI surged 6.95 per cent to close at HK$31.4 on Wednesday after rising just 4.92 per cent all of this year.
We can move very quickly if the law favours manufacturing in the US. We have kept them (its US factories) open, just in case something like this happens
Trump has threatened to impose a 45 per cent tariff on imports from China to bring back jobs to the US, triggering concerns that more manufacturers will move out of the world’s factory. But the president has offered no details of any possible punitive policies since he took office this year.
