I was talking with a friend of mine the other day about Trump putting the 35% tax on all overseas manufacturing. Couldn't this hurt those countries that have plants where US manufacturing comes from? I think, and correct me if I'm wrong, the tax is to encourage businesses to bring their manufacturing back to the US?
I'm not sure how accurate this site is but here is the Top 10 of countries the USA owes money to:
China, Mainland, $1244.0 billion dollars
Japan, $1133.2 billion dollars
All Other, $416.0 billion dollars
Cayman Islands, $260.2 billion dollars
Ireland, $259.8 billion dollars
Brazil, $249.5 billion dollars
Switzerland, $228.7 billion dollars
Luxembourg, $221.8 billion dollars
United Kingdom, $216.5 billion dollars
Hong Kong, $192.7 billion dollars
Looking over this link (which is a little old but I couldn't find anything newer), looks like most of oversea manufacturing by US companies is done in China.
What if China said it wants its money back? Is that possible?