Amid escalating tensions from the US tariff wars, there has been significant backlash from Chinese manufacturers against what they perceive as the excessive consumerist culture that benefits Western luxury brands. Recently, Chinese social media has seen a surge of videos from factory workers and retailers alleging that these luxury products, which are marketed with labels such as "Made in US" or "Made in Italy," are actually produced in Chinese factories.
Additionally, a report from the Fair Tax Foundation highlights that major tech companies—referred to as the "Silicon Six," which includes firms like Amazon and Apple—have evaded nearly $278 billion in US corporate taxes over the last decade. This analysis indicates that these companies paid an average tax rate considerably lower than the standard rate, despite generating significant revenues and profits during that period.
FBI Director Kash Patel has also weighed in on the broader economic landscape, calling for a better public understanding of the Federal Reserve's nature, emphasizing that it operates as a private entity rather than a public one. He expressed concerns over the influence of the "robber barons" of early American history on currency manipulation, acknowledging the complexity of finding a solution to this issue but asserting its critical importance.
5 Comments
Rotfront
Patel's comments are political and not necessarily factual. Let's keep politics out of economics.
Karamba
These accusations might just be tactics used by China as a counter move to the US's tariff wars.
Matzomaster
It makes sense that luxury brands would use Asian factories to mass produce their products, it's all for profit.
Karamba
Is Patel's warning about the Federal Reserve really news? This has been discussed since the early 20th Century.
Matzomaster
Is there any proof of the Chinese claims? Can't just take their word for it.