Monday, 24 September, 2018

Apple says USA tariffs on China would hit 'wide range' of products

Trump signals escalation of trade war with China, says he has tariffs ready on another $267-billion of imports Donald Trump: U.S. could move "very soon" to hit China with $200B in new tariffs
| 11 September, 2018, 06:35

Trump tweeted that: "Apple prices may increase because of the massive Tariffs we may be imposing on China - but there is an easy solution where there would be ZERO tax, and indeed a tax incentive".

Yesterday, as the Guardian reported, Trump said that he wants to impose tariffs on an additional $267 billion in Chinese goods, totaling $467 billion.

Mr. Trump told reporters on Air Force One that his plans to slaps taxes of up to 25 percent on Chinese imports would depend on the choices made by that country's leaders. To a certain extent its going to be up to China, Trump said.

On Friday, Trump he was ready to step up pressure by raising tariffs on yet another $267 billion list of Chinese imports. "That changes the equation". The Nasdaq composite, which has a high concentration of technology companies, dipped 0.9 percent to 7,922.73.

World share indexes registered their biggest weekly declines in nearly six months in a volatile session yesterday as investors weighed solid U.S. economic data against expectations for higher interest rates and United States trade tensions on multiple fronts. "The U.S.is moving higher", Lawrence Kudlow, director of the National Economic Council, said on CNBC.

Kudlow, who heads the National Economic Council, told CNBC the administration was still talking with China about trade issues but so far China had not met USA requests.

If a third set of tariffs on $200bn worth of Chinese goods are imposed then a host of tech firms have warned they will be impacted.

While China's response to US demands has been unsatisfactory, Trump is still speaking to Chinese President Xi Jinping, and would be open to meeting in person, said Kudlow, director of the White House's National Economic Council.

"The public comment period, which is closed as of today, will force a delay before the final tariff list is published as the USA trade representative works to address the multitude of comments received and potentially makes slight alterations to the initial proposal", Height said in a Thursday note.


China has said it would be forced to retaliate to all of the U.S.'s tariff measures, fanning concerns that a deepening trade war could dent the global economic outlook.

Notably, Apple did not cite the iPhone as a product which may be impacted.

The new duties will start to hit consumer products directly, including furniture, lighting products, tires, bicycles, and auto seats for babies.

So far this year, United States imports from China are running roughly 8pc higher than during the same period in 2017. But 2018 imports from China through July were up almost 9 percent over the same period of 2017, according to U.S. Census Bureau data. Apple said it was "difficult to see" how tariffs would advance the government's goal.

Canada Foreign Minister Chrystia Freeland said U.S. and Canadian technical officials worked through the night on a number of issues. "Lower barriers, open markets, quit stealing IP and technology", he said, using an abbreviation for intellectual property.

In the absence of its strategy to minimize its economy's intake of us goods and services, the near-zero growth rate of China's imports of usa goods in July 2018 would be consistent with recessionary conditions being present in that country, which was certainly suggested in early 2018 prior to the implementation of any new tariffs being imposed by either nation on the other's goods. "Now we've added another $200bn".

The administration says eliminating the trade deficit will put the economy on a sustainable path of faster growth, an argument that has been dismissed by economists as flawed given constraints such as low productivity and slow population growth.

"Those have been our asks for many months and so far those asks have not been satisfied", he said.

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