Trump to wage trade war on all Chinese imports

Trump to wage trade war on all Chinese imports

Investors were jittery about USA trade relations after President Donald Trump said he could hit China with more tariffs.

AirPods headphones, some of Apple's Beats headphones, and its new HomePod smart speaker also face levies as part of proposed 10 per cent tariffs on US$200 billion worth of Chinese goods, according to an unsigned letter the company submitted on Wednesday to USA officials as part of a public comment period. But Beijing will struggle to keep responding in kind as it imports less than Dollars 200 billion in U.S. goods per year. And I hate to say this but, behind that, there's another US$267 billion ready to go on short notice, if I want.

"That totally changes the equation", Trump said.

Chinese officials acknowledged Chinese exporters have been rushing out shipments to beat new USA tariffs, buoying the headline growth readings, while some companies such as steel mills are diversifying and selling more products to other countries. The letter however, did say that it was hard to see how tariffs that will hurt companies in the U.S.as well as US consumers will advance the objectives of the government when it comes to the technology policies of China.

For him, tariffs could potentially be positive, depending on which items remain on the massive list of products the Office of the United States Trade Representative has said could be affected if the next round of tariffs on imports from China is implemented. "Tariffs of this scope would mean higher prices on virtually everything sold in USA stores and fewer American jobs", the association warned.

Professor Yu Miaojie, deputy dean of Peking University's National School of Development, also felt that tariffs on US$267 billion of Chinese goods would be quite unlikely.

World share indexes registered their biggest weekly declines in nearly six months in a volatile session yesterday as investors weighed solid United States economic data against expectations for higher interest rates and USA trade tensions on multiple fronts.

Apple also said that computer parts for its US operations would be hit by the tariffs.

In a letter written to the US Trade Representative on Friday, Apple some of its popular products will get hit by the 25 per cent increase in import tax.

Rockland already pays tariffs ranging from 5 percent to 15 percent on some of the raw materials it imports from China, and Berman predicted any additional duties would be devastating to the company.

The surplus with the United States was larger than China's net surplus for the month, indicating China would be running a deficit if trade with the world's largest economy was excluded.

Shares of Apple closed down 0.8 percent in regular Nasdaq trade on Friday, and slipped another 1 percent in extended trading.

When US President Trump first tossed out the idea of starting a trade war with China, there was a serious chance those taxes would impact the prices of gadgets in the US.

Levying duties on all Chinese purchases would hit "every aspect of our American lifestyle - so the clothes that we put on our back, the food that we eat, the cars that we drive, the shoes that we wear", Hun Quach, vice president of global trade for the Retail Industry Leaders Association, said by phone.

The Commerce Ministry expressed confidence Thursday that China can maintain "steady and healthy" economic growth despite the trade pressure.

"I would think that we will lose business to the Chinese competitors here in the USA and what I can see is that if our sales go down, there could be layoffs in our company", he said. It has announced a $60 billion list of American products targeted for retaliation.

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

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