Foxconn, the world's leading contract electronics manufacturer and the principal assembler of Apple's iPhone, has announced it is ready to take on the potential challenges posed by President Donald Trump’s newly proposed tariffs Reuters has reported. 

Company chairman of Foxconn, Young Liu, stressed the firm’s wide reaching global manufacturing footprint as a key factor in being able to steer round any significant impact of the US president’s latest trade measures.

Foxconn, while a global business entity is particularly well known in East Asia, having its global HQ in New Taipei City, Taiwan, and with factories or related business interests in China, Japan and South Korea. Its relationship with Apple dates back to 2001 and have been crucial to company growth over the quarter century since.

Trump had declared a possible 25% tariff on all Canadian and Mexican imports in a decision that made headlines around the world. The policy change is now on hold until at least early March. 

Looking at the possibility of these tariffs being brought in, however, Liu pointed to Foxconn's existing production capabilities on both sides of the US - Mexican border announcing "Depending on the tariffs, we will plan different production capacities accordingly" according to the Reuters report.

The 69-year-old Taiwanese national heading Foxconn added that while the firm can adjust its manufacturing output sites to help circumvent the worst effects of such tariffs, the broader implications for the global economy do not bode well, concluding "tariffs overall will not be good for the world economy and will shrink markets."