Trump tells Apple to move plants from China to US

11 September, 2018, 12:20 | Author: Clarence Schmidt
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Global exports increased by 9.8 percent while its imports rose by 20 percent compared to the same month a year ago, according to customs data. The Dow Jones Industrial Average added 0.1 percent to 25,995.87, as industrial companies and high-dividend stocks rose. Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over limits on USA firms' access to Chinese markets, intellectual property protection, technology transfers and investment. If that pace continued for the remainder of this year, Chinese imports would top $548bn - leaving Trump a bit short of complete coverage of Chinese goods.

Thursday marked the final day for the public to comment on Trump's proposal to impose a 25 percent on $200 billion in Chinese goods. Beijing says it will retaliate.

The Commerce Ministry expressed confidence Thursday that China can maintain "steady and healthy" economic growth despite the trade pressure. That would mean penalties cover nearly all goods from China sold to the United States.

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.

However, since China's political leaders have adopted that strategy, it is contributing to the appearance of slow growth in the country's economy from this particular data series.

Chinese exporters of lower-value goods such as handbags and surgical gloves say USA orders have fallen off.


"Our concern with these tariffs is that the United States will be hardest hit, and that will result in lower USA growth and competitiveness and higher prices for U.S. consumers", Apple said in the letter.

But the tariffs do not appear to have dented the appetite for Chinese-made products in the United States. Data for June was revised to show the trade deficit rising to $45.7 billion, instead of the previously reported $46.3 billion.

China's global exports rose 12.2 percent to $217.4 billion, down from July's 12.6 percent. The Shanghai market is down roughly 23 percent in dollar terms so far this year while the Dow has risen almost 5 percent. The Chinese government has said it would help local and even foreign businesses in the country mitigate the effects of the trade dispute.

Computer and phone makers are involved in a global supply chain that includes Chinese manufacturing, and that can not be easily excluded without harm to USA companies, Intel said in a letter to the trade representative.

So far this year, United States imports from China are running roughly 8pc higher than during the same period in 2017.

Exports to the 28-nation European Union, China's biggest trading partner, rose 11 percent to $37 billion. Analysts had expected the surplus would rise to $31.79 billion from $28.05 billion in July.

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