Trump says he’s ready to hit China with $267bn in additional tariffs

Eileen GuzmanSep 10, 2018

Apple Inc. said proposed USA tariffs on $200 billion worth of products imported from China will raise prices for some of its popular consumer goods such as the Apple Watch and AirPods headphones.

Even with US tariffs targeting $50 billion of Chinese exports in effect for their first full month in August, China's exports to the United States still accelerated, growing 13.2 percent from a year earlier from 11.2 percent in July. The US plan could take effect as soon as Friday, when a public comment period on the proposal ends.

In addition, the chip industry is a source of trade surplus for the United States, including with China, Intel argued.

The figures were well below July's performance, when exports had jumped 12.2 per cent and imports grew 27 per cent.

"It is hard to see how tariffs that hurt US companies and USA consumers will advance the Government's objectives with respect to China's technology policies".

If both sets of tariffs go ahead it would mean virtually all of China's U.S. exports would be subject to new duties.

While Trump was waving his proverbial stick, Top White House economic advisor Larry Kudlow made a paltry attempt to offer something of a carrot on Friday, saying that the U.S. is up for talks and that there is "constant communication". The company makes a large percentage of its products in China.

Trump has been locked in a trade dispute with Beijing over China's policy of forcing USA companies to hand over trade secrets, as a price of doing business in China.

The president, speaking to reporters aboard Air Force Once, said he's in the middle of reshaping America's trade policy on a number of fronts, from Canada and Mexico nearby, to China, South Korea and Japan overseas. "Because all tariffs ultimately show up as a tax on USA consumers, they will increase the cost of Apple products that our customers have come to rely on in their daily lives".

"That totally changes the equation", Mr Trump said. Among the equipment hit were a number of components and devices used by U.S. tech firms, including chips and networking gear produced in Chinese factories. That's because the devices all use certain Chinese-manufactured electronic components that fall under the tariff list. Those talks will continue to go on. "As a result, tariffs will ultimately reduce the economic benefit we generate for the United States", the company writes. "We want lower (trade) barriers across the board", Kudlow said.

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

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