Chinese companies are retreating from the US as the trade dispute slows growth. The latest data on China’s exports to America show that they fell by a record $US1.3bn in January compared with December, and were down more than half since last year. The layoffs will mostly affect US employees; Chinese staff have been offered posts in China. "Seres has decided to delay the launch of the production version of the SF5 crossover in the U.S. as uncertainties of the U.S. auto market remain, and the company will focus on the launch of the product in China," James Taylor, co-CEO of Seres, said in the press release. Meanwhile, Chinese electric car companies Seres and NIO have reduced roles at their offices in Silicon Valley, where Chinese venture capital company Sinovation Ventures has also shut up shop.
Chinese companies are retreating from the US as the trade dispute slows growth. The latest data on China’s exports to America show that they fell by a record $US1.3bn in January compared with December, and were down more than half since last year. The layoffs will mostly affect US employees; Chinese staff have been offered posts in China. Meanwhile, Chinese electric car companies Seres and NIO have reduced roles at their offices in Silicon Valley, where Chinese venture capital company Sinovation Ventures has also shut up shop.