Friday, 16 November, 2018

Trump warns of tariffs on another $267B imports from China

Shipping containers stand March 23 in a terminal at the Yangshan Deep Water Port in Shanghai. New data show the U.S. goods deficit with China in the seven months through July this year widened about 8 percent to $234 billion from the same period in 2017 Trump signals escalation of trade war with China, says he has tariffs ready on another $267-billion of imports
Ray Hunter | 11 September, 2018, 06:36

U.S. President Donald Trump on Friday (September 8) upped the ante on China, threatening to slap tariffs on virtually all Chinese imports coming in to the U.S.

The deadline for public comment on the next wave of punitive taxes on $200 billion of annual imports from China expires Thursday, and Trump reportedly wants to impose the tariffs immediately.

And then he went further, saying he's also ready to hit another 267 billion worth of imports right after.

The latest installment of tariffs would bring to $250 billion the total value of Chinese goods hit with duties, covering almost half of all imports into the US previous year. "To a certain extent it's going to be up to China", he said. "That changes the equation".

White House economic adviser Larry Kudlow said on Friday the usa wants to build a "coalition of the willing" to take on China that would include the EU, Japan and other allies.

Shares of Apple closed down 0.8 percent in regular Nasdaq trade on Friday, and slipped another 1 percent in extended trading.

Earlier on Friday, White House economic adviser Larry Kudlow told Bloomberg Television the administration would evaluate public comments before making decisions on the $US200 billion tariff list.

The administration has a greater goal than just driving down the yawning trade deficit with China - to force Beijing to open up its market to American businesses, and curb its acquisition of American technology.

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While China's response to US demands has been unsatisfactory, Trump is still speaking to Chinese President Xi Jinping, and would be open to meeting in person, said Kudlow, director of the White House's National Economic Council.

The US Trade Representative's office received almost 6,000 comments and held seven days of public hearings on the proposed levies.

Dell (DVMT), Cisco (CSCO), Juniper Networks (JNPR) and Hewlett Packard (HPE) said the tariffs would increase the costs of their networking equipment, damaging the companies' bottom lines and leading to possible U.S. job losses.

The new HomePod and Mac mini will also be negatively affected by the tariffs, along with adapters and chargers for many products. Imports of US goods rose 11.1 percent to $13.3 billion, decelerating from the previous month's 11.8 percent.

This morning on Twitter, Trump urged Apple to build new manufacturing plants here in the U.S. to avoid the tariffs. Apple said "it is hard to see" how tariffs would advance the government's goal. With Beijing already indicating that they would retaliate if additional tariffs are confirmed, investors are being reminded that the prolonged trade tensions are simply refusing to go away.

"We are still talking with China on a number of issues ..." That would mean penalties cover nearly all goods from China sold to the United States. "Now, they've got to treat us fairly".

President Donald Trump's trade policy faces a key crossroads on Thursday, as officials continue efforts to reach a deal with Canada, and he will decide whether to impose a huge wave of new tariffs on China.

"Those have been our asks for many months and so far those asks have not been satisfied", he said.

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