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Donald Trump to levy 35 per cent tax on US companies that move jobs abroad

Please Be Forewarned Prior To Making A Very Expensive Mistake. The United States Is Open For Business, Trump Said In His Last Tweet Of The Day.

PTI | Updated on: 05 Dec 2016, 09:12:51 AM

Washington:

US President-elect Donald Trump on Monday warned of imposing a whopping tax of 35 per cent on products made by American companies that either outsource jobs overseas or build a new factory in another country.

 This could have an impact on plans of several American companies that are planning to establish manufacturing base in India to take advantage of the 'Make in India' policies unveiled by the Indian government.

"Please be forewarned prior to making a very expensive mistake. The United States is open for business," Trump said in his last tweet of the day. 

"Expensive mistake," Trump told all such American companies in a series of tweets. "The US is going to substantially reduce taxes and regulations on businesses, but any business that leaves our country for another country, fires its employees, builds a new factory or plant in the other country, and then thinks it will sell its product back into the US without retribution or consequence, is WRONG!" Trump said.

"There will be a tax on our soon to be strong border of 35per cent for these companies wanting to sell their product,cars, A.C.units etc, back across the border," said the US President-elect. He said this tax will make leaving financially difficult,but these companies could move between all 50 states, with no tax or tariff being charged.

This was one of his major election platform that propelled him to a stunning victory overcoming 17 candidates in the Republican primaries and a well-established Hillary Clintonfrom the Democratic Party in the November 8 general elections.

 

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First Published : 05 Dec 2016, 09:02:00 AM

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