Tariffs: China and Wong

tariffs: Wong pledged to stick to the China market, and will invest 300 million to set up a smart manufacturing base in Shenzhen, according to Global Times China. During an interview with CNBC on Thursday, Wong said Legend Group is well-prepared to face the trade tension between the US and China, and the company has the ability to shift its production to places without having the impact of the tariffs. Legend Group CFO Wong Wai Ming recanted his earlier remarks of moving its plants out of China to avert Trump's high tariffs, causing an opinion backlash in China. US President Donald Trump has threatened to add another 25 percent in tariffs on 300 billion worth of Chinese goods, which might influence Chinese electronics. Wong apologized in a statement for his inaccurate expressions in the interview on Thursday, which, according to him, lead to media's and the public's off-the-track interpretations. Wong's response was taken as Legend's option to downsize its production in China market to avoid the US tariff pressure, causing great shock and an opinion backlash in China. (news.financializer.com). As reported in the news.