Trump just tweetstormed a 35pc tax on businesses moving jobs away from US

Lynsey Barber
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Trump wants to stop business moving jobs abroad (Source: Getty)

Donald Trump has warned US companies that they can not move production out of the US and then sell goods back to the country without "retribution or consequence" as he threatened to impose a 35 per cent tax on any companies that do.

The President-elect tweeted that he would impose a "35 per cent tax on companies wanting to sell their product back across the border".

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"This tax will make leaving financially difficult, but.....these companies are able to 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," he said in a series of tweets revealing the plan and apparently stealing London's post-Brexit slogan.

"The US is going to substantially reduce taxes and regulations on businesses, but any business that leaves our country for another country, fires its employees, builds a new factory or plant in the other country, and then thinks it will sell its product back into the US without retribution or consequence, is WRONG!" he said in the tweets sent early on Sunday morning.

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Trump warned of consequences to US firms moving jobs abroad on a visit to Indiana on Friday, but had not said exactly what form that would take, until now. It would apparently come in the form of an import tariff, although, he has promised to slash the corporate tax rate from 35 per cent to 15 per cent. With only the Tweets to go by and no formal policy announcement, it could mean instead that this tax cut would not apply to firms outsourcing production abroad, leaving the rate at 35 per cent.

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