China’s Tech Giants Turning Away From The U.S. Amid Escalating Trade Tensions
Tech companies based in China are said to be scaling back on their deal making in the U.S. as the trade war continues to escalate. Instead, they’re now looking to expand their investments in markets much closer to home.
In recent years, both Alibaba and Tencent had committed billions of dollars in acquiring U.S.-based assets as they sought new growth opportunities outside of their own increasingly saturated home market. But now deals like those are tapering off as the leaders of the world’s two largest economies continue to trade accusations and slap on new tariffs in a long and bruising trade battle. Amid the increasingly hostile environment, the two companies are instead focusing more on Asia, and oftentimes going head-to-head in their fight for the attention of digital-savvy users in the populous region. Read more here.