Apple, Intel: US Tariffs on China Will Increase Prices for Electronics
Apple, Intel: US Tariffs on China Will Increase Prices for Electronics
Trump signals escalation of trade war with China, says he has tariffs ready on another $267-billion of imports
11 September, 2018, 06:37
Speaking just hours after the period for public reactions to the $200 billion China duties list he had set ended, Trump told reporters overseas Air Force One that he was "being strong on China because [he had] to be".
And then he went further, saying he's also ready to hit another 267 billion worth of imports right after.
But there have been no further discussions with China to try to resolve the bitter dispute with Beijing, and Trump could announce the next step, which would impose steep duties on half the goods the U.S. imports from the world's second largest economy, as soon as Thursday.
He said he could move "very soon" to impose tariffs on $200bn (£155bn) worth of products with taxes on another $267bn "ready to go on short notice".
"That totally changes the equation", Trump said.
Stock prices slipped after his comments, with the S&P 500 off 0.2 percent, while China's off-shore trade yuan currency fell against the dollar. The letter also made no mention of Apple's iPad, which brought in US$19.2 billion in sales in the most recent year, or most of its Mac computers, which generated US$25.8 billion.
The presidential tweet is the latest salvo in a dispute between the Trump administration and companies that fear tariffs will hurt their business. The Trump administration levied tariffs as a form of retaliation to what it says are unfair Chinese trading practices and the theft of intellectual property.
That list includes some consumer products, like cameras, luggage and tires and they'd be subject to tariffs of 10-25 percent. China plans to tax an additional $60 billion in United States products if the Trump administration expands its hit list by $200 billion.
"We've taxed them $50bn - that's on technology", the presidenttold reporters aboard Air Force One. The Office of the U.S. Trade Representative finished accepting comments Thursday on the proposed tariffs.
China has said it would be forced to retaliate to all of the U.S.'s tariff measures, fanning concerns that a deepening trade war could dent the global economic outlook. It's a general trend where flagships are more and more expensive.
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. All Apple has to do is "start building new plants now".
A part of Apple's letter, which was first reported on by Bloomberg, reads, "It is hard to see how tariffs that hurt US companies and USA consumers will advance the Government's objectives with respect to China's technology policies".
What Apple actually announced in January was to contribute $350 billion to the United States economy over the next five years that includes an estimated $55 billion investment in 2018.
In the early rounds of the hostilities, the administration targeted Chinese industrial imports to try to spare American consumers from higher import costs. That would mean penalties cover nearly all goods from China sold to the United States.
"We are still talking with China on a number of issues". The strong performance of markets over the past few months "keeps getting disrupted by news on trade" and "it's just another indication we're not out of the woods yet", she said. "More broadly, tariffs will lead to higher US consumer prices, lower overall USA economic growth, and other unintended economic consequences". "However, hope springs eternal".
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