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China's August Trade Surplus With US Hits Record $31 Billion

08 September, 2018, 22:43 | Author: Sara Gill
  • Cisco Systems Inc. Hewlett Packard Enterprise Co. and other technology companies sent a letter to US Trade Representative Robert Lighthiser urging the administration to avoid imposing more tariffs

President Trump acknowledged on Twitter that Apple prices could go up as a result of the "massive tariffs" he's proposing on China, but rather than accepting blame for a potential hike on popular consumer items, he said the company should move production to USA shores.

Mr Trump spoke yesterday as his administration prepared to apply 25 per cent tariffs to $200 billion of Chinese goods, in addition to levies that have been applied already to $50 billion of Chinese goods. "I hate to this, but behind that there is another [US]$267 billion ready to go on short notice if I want".

He previously had threatened to hit 100 percent of imports from China if the country failed to address USA concerns over theft of U.S. technology and barriers to American goods and investments. But if Trump adds the $200 billion in Chinese products to the target list, American consumers would likely feel the pinch directly. The S&P 500 Index fell by 0.1% to the lowest in two weeks.

While U.S. businesses in China do not yet appear to face widespread retaliation, some company officials have said they are bracing for blowback.

It also said that every Apple product "contains parts or materials from the United States and is made with equipment from US-based suppliers".

Apple also mentioned that tariffs would raise the cost of servers, hard drives and cables for USA data centers.

The United States is negotiating with Canada this week to try and finalize a deal to modernize the North American Free Trade Agreement, an outcome some in the White House say will allow Washington to turn up the heat on Beijing. The president earlier this week signalled an agreement with South Korea was close to finished. "The Chinese, you know, may find themselves more isolated if they don't come into the global process", Kudlow said in an interview with CNBC.


"It's never too late to make good trade policy", said Kudlow.

But the president struck a harsher tone toward USA allies.

Aboard Air Force One, the president cited the suffering Chinese stock market as an indication that the U.S.is winning the trade conflict.

In the meantime, the USA has reached a trade deal with Mexico on the heels of a preliminary trade deal with the European Union, and is in negotiations with Canada.

The trade war could inflict further damage if it rattles financial markets, thereby hurting business confidence and potentially discouraging investment.

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.

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