discoverIE to Shift More Production to US Amid Tariff Issues
(Reuters) - Britain’s discoverIE said on Wednesday it will shift more production to the U.S. and pass on higher costs for its customised electronics amid concerns over Donald Trump’s tariffs.
China and the United States, the world's two biggest economies, are locked in a scathing trade war that has rattled financial markets with their eye-watering tariffs.
DiscoverIE said it expects to offset tariff impact by passing on costs to clients, adding its U.S. unit, accounting for about a quarter of sales, imports "very little" from China.
Shares of the company rose 3% to 557 pence by 0741 GMT after the company said it expects earnings for the year 2024/25 to be slightly ahead of expectations.
(Reporting by Yamini Kalia in Bengaluru; Editing by Nivedita Bhattacharjee and Savio D'Souza)
