Trump ups ante on China

08 September, 2018, 22:45 | Author: Frank Williams
  • A man walks past a screen at the Indonesia Stock Exchange building in Jakarta Indonesia

Trump upped the ante again on Friday as he warned he was ready to slap tariffs on almost all Chinese imports to the United States, threatening duties on another US$267 billion of goods on top of US$200 billion in imports primed for levies in coming days. "To a certain extent it's going to be up to China", Trump said.

As trade relations between the two countries continue to get strained, Apple said in a letter to the United States trade representative that the move would "hurt" the company, according to CNBC report.

China said it is ready to impose retaliatory tariffs on $60bn worth of U.S. goods if that happens.

The Trump administration has already slapped duties on US$50 billion of Chinese exports since July, which spurred immediate in-kind retaliation from Beijing. "That totally changes the equation".

The president's tweet comes just days after Apple sent a letter to the U.S. Trade Representative raising concerns that the additional tariffs that the president proposed would be bad for business.

"The U.S.is moving higher", Lawrence Kudlow, director of the National Economic Council, said on CNBC.

Guajardo said Thursday it would be "very strange" to sign a new NAFTA "when this trade war is pending".

More news: Trump, without evidence, accuses social media companies of election meddling

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.

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.

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

He added: "We've taxed them $50 billion that's on technology".

The president has called for an additional $200 billion in tariffs on products imported from China, which Apple says would impact a wide range of its products, including Apple Watch, Apple Pencil, and Air Pods, and force the company to raise prices. The company has not announced plans to move manufacturing from China to the U.S. "We want lower (trade) barriers across the board", Kudlow said.

"We are puzzled as to why the Administration may be using tariffs in part to re-engineer global ICT (information, communication and technology) supply chains that have served United States companies so well". Chinese diplomats complain that the Trump administration lacks a single negotiator empowered to make a deal and is vague about its objectives.

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