TAIPEI, Taiwan (AP) — Terry Gou, chairman of Foxconn, the world's largest contract assembler of consumer electronics, says he is stepping down amid speculation he could be planning a presidential run next year.

Gou made the announcement Friday at the company's annual shareholders' meeting, where he was surrounded by an enthusiastic crowd while exiting the meeting room.

Gou's resignation effective July 1 is the latest challenge for Foxconn, which has been caught up in the ongoing U.S.-China trade war and a U.S. ban on supplying technology components to Chinese tech giant Huawei over security concerns.

Gou told journalists he urged Apple to move its assembly line to Taiwan, amid speculation Apple has requested its largest suppliers, including Foxconn, to consider a major shift out of China.

Gou has yet to formally announce his candidacy.