Zhong Xu graduated in 2009 from Ghent University as a computer scientist and in 2018 he founded the hospitality tech company Deliverect together with his former classmate Jan Hollez. Today Zhong divides his time between London and New York as he runs the unicorn Deliverect, a start-up valued at over $1 billion. What are his thoughts on the outcome of the US presidential elections?
“For those living in the US, Donald Trump’s electoral victory was written in the stars. Many average Americans are deeply concerned about the economic situation in general, and the high rate of inflation in particular. That was the central theme of the elections.”
To many Europeans Trump’s victory came as a surprise.
“No jaws dropped here, not even in New York, traditionally a Democratic stronghold. For months now, just about every American has been complaining about the cost of living. A cappuccino in the coffee bar around the corner sets me back eight dollars.
Wages have risen much more slowly than retail prices in recent years. The US doesn’t have a system like Belgium, where wages are automatically adapted to the index. Whereas American top salaries did go up, wages at the bottom end of the labour market hardly increased. If you’re working as a waiter in a restaurant, you’re struggling. Tipping is ingrained in US culture. For many waiters, tips are their primary source of income but due to inflation those have come under serious pressure.”
In your opinion, is the economy the only area where Trump convinced the voters?
“The struggle against wokeism also contributed. It’s been raging beneath the surface of American society for several years now. Many Americans are fed up with finger-wagging Democrats: ‘You can’t say that’, ‘Do it this way’, and so on. At the other end of the political spectrum Trump says exactly what’s on his mind. In his campaign, he sounded anything but civilised or politically correct and that’s what made the difference, he just said out loud what many people are thinking.”
You yourself are in the technology industry. When you see Elon Musk joining Trump on stage, financially supporting his campaign and even taking up an official role in his new administration, is that something that will benefit the American technology industry?
“Deliverect is a tech company but we are active in the hospitality industry. Trump aims to deport immigrants en masse, which will create huge employment problems in bars and restaurants. That industry is fuelled by immigrants and there is a labour shortage as it is. As a result, more automation will be needed. The exact same thing happened in the UK after Brexit. Naturally this creates fresh opportunities for the tech industry. Still, we’ll have to see how far Trump will take things.”
Do you expect his policy to be milder than what his rhetoric suggests?
“I recently attended a conference organised by the leading business bank J.P. Morgan where their CEO Jamie Dimon was also present. ‘Donald Trump is a businessman’,
Dimon said in his speech. ‘Therefore it is not in his best interest to take measures that are too radical.’ There’s an element of truth to that: if Trump’s policy has too great an impact on himself then you can rest assured that corrections will be implemented.”
Because Donald Trump’s hotels are also heavily reliant on cheap foreign labour?
“Exactly. All those bold measures that are being announced with great fanfare will likely be much less stringent in practice. It’s typically American for public figures to stand on a podium shouting into the microphone. However, in a one-on-one conversation they adopt a much softer and more moderate tone.”
In recent months, Trump has repeatedly announced on social media that he would retaliate against all those who have crossed him in any way.
“I’m afraid he will actually go through with it and I fear for all those who have opposed him. But I also believe that US democracy is strong enough to survive president Trump.”
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