Capstone International Hong Kong CEO Larry Sloven is just one of thousands of entrepreneurs who have been forced by the trade war to upend their business operations in China.
Trump and President Xi Jinping of China had declared a cautious truce at a Group of 20 summit in Buenos Aires, and it seemed to be holding. Officials on both sides were suggesting a deal before a March deadline, and the threat of tariffs rising to 25% seemed distant."I don't think there's going to be a trade war, but that doesn't change things," he said at the time.The March deadline passed, but tariffs remained unchanged. That gave Sloven breathing room.
More investment in tooling and moulds was required, too, but the Thai companies agreed to bear the cost."You prepare for war," he said. "You're ready if you're attacked."His suppliers in Shenzhen, Dongguan and Guangzhou were certain the trade conflict would blow over and were reluctant to negotiate deals that would send components and raw materials abroad for assembly.
In early April, Sloven invited Reuters to meet his trade lawyer, Sally Peng of Sandler, Travis & Rosenberg.
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