Published: Tue, September 11, 2018
Finance | By Kristine Clayton

Trump Threatens Additional Tariffs on $267 Billion of Chinese Goods

Trump Threatens Additional Tariffs on $267 Billion of Chinese Goods

"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". Exports from the world's second biggest economy increased by 9.8 per cent while its imports rose by 20 per cent compared to the same month a year ago, according to customs data. Imports of US goods rose 11.1 percent to $13.3 billion, decelerating from the previous month's 11.8 percent.

AirPods headphones, some of Apple's Beats headphones and its new HomePod smart speaker also face levies as part of the proposed tariffs on $200 billion worth of Chinese goods, according to the letter submitted on Wednesday. Beijing says it will retaliate.

The world's two biggest economies have been locked in a months-long trade dispute, with negotiations going nowhere and fears that it could damage the global economy.

This would further escalate the trade war Trump is leading against China.

Then he added: "I hate to say this, but behind that there is another $267bn ready to go on short notice if I want".

Specifically, Kudlow said, the United States was seeking "zero tariffs, zero non-tariff barriers, zero subsidies, stop the IP theft, stop the technology transfer, allow Americans to own their own companies".

Apple was among several tech companies to submit comments regarding the proposed tariffs.

ENERGY: Benchmark U.S. crude remained flat at $67.77 a barrel.

Mr Trump appears to be ignoring calls from American industry to take his foot off the tariff pedal.

Despite several rounds of talks between US and Chinese officials, the two countries have made little progress toward resolving their differences.

Trump has long encouraged Apple to being the entirety of its production to the U.S., though many analysts believe that the cost to do so would be enormous. That would give financial markets a chance to digest the politically sensitive data before trading opens Monday. It brought in about $6.1 billion in revenue past year, according to an estimate from analyst firm Bernstein.

So far this year, US imports from China are running roughly 8 percent higher than during the same period in 2017. Data for June was revised to show the trade deficit rising to $45.7 billion, instead of the previously reported $46.3 billion.

Imports of goods and services increased 0.9 percent to a record $261.2 billion in July. 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.

The National Association of Retailers immediately announced its opposition to the possibility of new tariffs. The deficit in goods with China and the European Union set records.

Don't miss out on the latest news and information. Imports rose 15 percent to $24.9 billion, leaving a surplus of $6.1 billion.

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