Foxconn, known locally as Hon Hai Precision Industry Co., said the raise will enable its employees to share in the company's earnings and help the company recruit talent and encourage existing employees to stay together for future growth.
Tim Cook, meanwhile, has publicly said that he's not anxious about an escalating trade war with China, telling CBS News last week: "The Chinese have not targeted Apple at all, and I don't anticipate that happening, to be honest".More news: Boris Johnson launches United Kingdom leadership bid
Moves like Foxconn's potential shifting of manufacturing of US-bound iPhones away from China would mean changes for its supply chains and likely require new facilities.
Its Taiwanese manufacturing partner Hon Hai Precision Industry (better known as Foxconn) can make enough iPhones to meet the needs of Apple's USA market outside China if needed, according to Bloomberg. With President Donald Trump threatening Beijing with imposing new tariffs on about $300 billion worth of Chinese goods, the giant of Cupertino will have a complicated situation to deal with.
Mr. Liu heads the firm's semiconductor division.More news: Fiat Teams With Silicon Valley's Aurora on Self-Driving Tech
In his comments to investors, Liu said Apple had not given Hon Hai instructions to move production out of China.
The news comes as a new tariff of up to 25% on phones, laptops, and tablets imported to the United States from China is scheduled to come into effect by the end of June.
This exodus of iPhone production to new plants could establish a new location such as India, where Foxconn is already invested in building high-end iPhones as the new major hub for smartphone production. On Tuesday, executives reaffirmed that employment goal, saying construction remained on schedule and that it will hire as many as 2,000 Americans by the end of 2020.More news: Horrifying footage shows helicopter moments before it crashes into NYC skyscraper