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New US tariffs could prompt Signify to move some production from China, CEO says

New US Tariffs Could Prompt Signify to Move Some Production from China

Tariffs could make manufacturing operations more expensive

Signify, the Dutch lighting company formerly known as Philips Lighting, is considering moving some of its production out of China due to the new US tariffs. The tariffs, which were imposed by the Trump administration in an effort to reduce the trade deficit with China, have made it more expensive for Signify to manufacture its products in China.

Signify has been exploring other manufacturing options

Signify has been exploring other manufacturing options in Southeast Asia and Mexico, where labor costs are lower. The company has already shifted some of its production to these countries, and it is likely to move more production out of China if the tariffs remain in place.

The move could have a significant impact on the Chinese economy

The move by Signify is likely to have a significant impact on the Chinese economy. China is a major manufacturing hub for the world, and the loss of a major customer like Signify could hurt the Chinese economy. The tariffs are also likely to lead to higher prices for consumers in the United States, as companies pass on the cost of the tariffs to their customers.