The pace of companies moving production out of China is accelerating, according to the Nikkei Asian review.
Japan's Nintendo is also going to pull a portion of its video game console production from China to Vietnam, according to Nikkei.
Not only are foreign companies rethinking its production location, a handful of Chinese companies are also leaving China. Chinese multinational electronics company TCL is moving its TV production to Vietnam, while Chinese tire maker Sailun Tire is transitioning its manufacturing line to Thailand, Nikkei reported.
The prolonged trade battle seems to be taking a toll on the Chinese economy. Data on Monday showed its economic growth slowed to 6.2% in the second quarter —Trump claimed the slower growth is evidence that China is losing the trade war as the country faces an exodus of companies. "The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving. This is why China wants to make a deal," Trump said in a twitter post on Monday.
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