By bno - Taipei Bureau 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.

Chairman Young Liu said that the Taiwan-based company can plan its production around new U.S. tariffs, Reuters reported. Liu, who was talking to reporters at the company's headquarters in New Taipei,

With a 10% tariff on China in place and a 25% one on Mexico looming, Foxconn Chairman Young Liu also says Foxconn will 'work with our partners' in the US on manufacturing.