Trump warns of 35% tax on firms outsourcing jobs abroad

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Washington, Dec 4: Cracking a whip on American companies that either outsource jobs or build a new factory in another country, US President-elect Donald Trump today warned of imposing a whopping tax of 35 per cent on products made by such companies.

Trump

This could have an impact on plans of several American companies that are planning to establish manufacturing base in India to take advantage of the 'Make in India' policies unveiled by the Indian government.

He said this tax will make leaving financially difficult, but these companies could move between all 50 states, with no tax or tariff being charged.

"Please be forewarned prior to making a very expensive mistake. The United States is open for business," Trump said in his last tweet of the day.

This was one of his major election platform that propelled him to a stunning victory overcoming 17 candidates in the Republican primaries and a well-established Hillary Clinton from the Democratic Party in the November 8 general elections.

(With inputs from PTI)

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