Could 'soon' impose tariffs on $200bn in Chinese goods, says Trump

08 September, 2018, 22:42 | Author: Kevin Carter
  • Trump warns of tariffs on another $267 billion of Chinese imports

Trump's threatened tariffs, now totalling $US517 billion in Chinese goods, would exceed the $US505 billion in goods imported from China past year. Kudlow's comments indicated the USA is looking for a deal with China to end the trade war between the world's two biggest economies. The company said on its website that it spent over $50 billion for goods purchased from USA suppliers a year ago. "That changes the equation".

Apple's stock closed down 0.8% in Friday's session.

A part of Apple's letter, which was first reported on by Bloomberg, reads, "It is hard to see how tariffs that hurt USA companies and US consumers will advance the Government's objectives with respect to China's technology policies".

It's not clear why the president cited the specific figure he used.

Trump's latest comments also weighed on the Aussie dollar, which fell 1.25 per cent to US71.10¢.

The U.S.'s ability to continue to dominate telecommunications technology, including the upcoming fifth-generation phone networks, will be hampered by the levy on imports from China. If that pace continued for the remainder of this year, Chinese imports would top $548 billion - leaving Trump a bit short of complete coverage of Chinese goods.

The public comment period ended Thursday on proposed tariffs that could range from 10% to 25% on some $200bn worth of Chinese goods, including multiple seafood items, such as re-processed salmon and tuna as well as red swimming crab. Many products purchased by consumers, such as refrigerators, spark plugs and furniture, are among the potential targets.

But President Trump proposed a solution on Twitter. He added that he's ready to place yet another round of tariffs on $267 billion in Chinese goods after that - bringing the total imports from China subject to tariffs to more than $500 billion.

"The Chinese aren't paying these tariffs, American families are going to pay these tariffs".

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"The end game in the U.S".

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

In a letter to USA officials as part of the public consultation on the measures, the company said some of Apple's Beats headphones and its new HomePod smart speaker would also face levies. The Shanghai market is down roughly 23 percent in dollar terms so far this year while the Dow has risen almost 5 percent.

White House Economic advisor Larry Kudlow told CNBC that talks between the US and China were ongoing. "We're the hottest place in the world".

The label of a Washington D.C. sweatshirt bears a U.S. flag but says "Made in China" at a souvenir stand in Washington, U.S. January 14, 2011.

But Kudlow said the US goals are clear. "We want lower (trade) barriers across the board", Kudlow said.

On Wednesday, Apple warned in a letter to the USA trade representative that Apple's competitiveness could be hurt, leading to higher prices for consumers.

But businesses warn there are other ways China can strike back, through regulations and other administrative means, or even through sales of its large holdings of US Treasury debt. "That may be about to change", wrote S&P economist Satyam Panday.

Trump said he was not prepared to make a deal with China "that they'd like to make".

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