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Trump's China tariffs will hit our products hard: Apple

11 September, 2018, 12:19 | Author: Ted Wilson
  • Stocks slide ahead of US-Canada trade talks; tech lags

In a letter addressed to the Office of U.S. Trade Representative, Apple says President Donald Trump's proposed tariffs on China will increase the prices on many of its most popular products including the Apple Watch and AirPods.

Cell phones, the biggest USA import from China, have so far been spared, but would be hit if Trump activates the new $267 billion tariff list.

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".

The US imported $505bn in goods from China last year, and this year until the end of July, Chinese imports are almost 9% higher, according to official US data.

Trump told reporters traveling with him to Fargo, North Dakota that "behind that, there's another $267 billion ready to go on short notice if I want". "That totally changes the equation".

Recent progress has been made in trade talks with Canada and Mexico, an important step to prevent Chinese exporters from sending goods to neighboring countries to skirt US tariffs. Tariffs are also proposed on finished fabric products made by Chinese companies that directly compete with Rockland's finished offerings in the USA market.

Tariffs, in theory, will make US-made products cheaper than imported ones, so encourage consumers to buy American.

Chinese exports to the United States rose to $44.4 billion in August, a 13.2 percent increase from the same period a year ago, according to customs data.

They say a duty of between 10-25% "would cause broad, disproportionate economic harm to USA interests".

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Dell, Cisco, Juniper Networks and Hewlett Packard said the tariffs would increase the costs of their networking equipment, damaging the companies' bottom lines and leading to possible U.S. job losses.

Here's the scorecard on Trump's trade war with China.

The move risks raising tensions between the world's two largest economies.

While no one predicted a sudden, sharp blow from US tariffs, China's official export data has been surprisingly resilient so far, with growth exceeding analysts' expectations for five months in a row.

Economists and investors have, according to the Guardian, expressed concern over the standoff between the two countries, warning that the trade war could derail the global market and provoke more counter-tariffs to Trump tariffs. Doing so would escalate a confrontation between the world's two biggest economies and likely squeeze US companies that import everything from handbags to bicycle tires.

The trade gap narrowed in April and May as farmers front-loaded soybean exports to China before Beijing's retaliatory tariffs came into effect in early July.

The National Association of Retailers immediately announced its opposition to the possibility of new tariffs.

Some business groups greeted the president's latest tariff threats with dismay.

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