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The CEO of the largest iPhone manufacturer reportedly predicted that China will no longer be the 'world's factory' due to Trump's trade war

U.S. President Donald Trump and China's President Xi Jinping (not shown) make a joint statement at the Great Hall of the People on November 9, 2017 in Beijing, China. Trump is on a 10-day trip to Asia. Thomas Peter-Pool/Getty Images Foxconn chairman Young Liu said Trump's trade war against China means its "days as the world's factory are done," Bloomberg reported Wednesday. Foxconn, the largest iPhone maker globally, said it plans to diversify production lines to avoid tariffs the Trump administration has imposed on Chinese-made goods, according to Bloomberg. Liu told Bloomberg that the company is looking to a variety of regions including India, Southeast Asia, and the Americas. Trump has waged a years-long economic battle against China, imposing extensive tariffs and targeting a range of Chinese companies, though evidence strongly suggests that most of the burden has fallen on Americans. Trump has imposed expansive tariffs on goods imported from China as part of his years-long trade war against the country, but most evidence points to a net negative impact for US companies, individuals, and the overall economy. An analysis from Bloomberg Economics previously estimated that the Trump administration's punitive measures will end up costing the US $316 billion (R5.5 trillion) by the end of 2020, and independent researchers from the New York Federal Reserve, Princeton, and Columbia estimated that the tariffs would cost Americans roughly $831 (R15,500) per household over the course of 2019.

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