Trump tells Apple to move plants from China to US

11 September, 2018, 06:34 | Author: Mable Gonzales
  • US President Donald Trump

"I hate to say this, but behind that there is another $267 billion ready to go on short notice if I want", Trump told reporters on Air Force One.

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 USA past year.

Trump said he was not prepared to make a deal with China "that they'd like to make". On Friday President Trump said he was prepared to punish China with additional duties, this time on $267 billion in Chinese goods. "That totally changes the equation".

White House economic adviser Larry Kudlow just hours before said talks with Beijing were continuing to try to defuse the conflict, and that he was hopeful that a solution could be found.

The dollar gained around 0.4 percent against China's off-shore traded yuan following Trump's comments.

President Trump has now broached the full monte, threatening to impose tariffs on essentially every product imported from China.

The $US200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10 per cent to 25 per cent. China plans to tax an additional $60 billion in U.S. products if the Trump administration expands its hit list by $200 billion.

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U.S. President Donald Trump walks to Marine One while departing the White House in Washington, U.S., September 6, 2018.

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

According to a report in The Verge, Apple asked that the U.S. revise its proposal and decline to place tariffs on the product categories that cover these devices.

This morning on Twitter, Trump urged Apple to build new manufacturing plants here in the USA to avoid the tariffs. By 2021, based on International Monetary Fund economic forecasts, the US would lose about 1 percent of its annual output or about $230 billion while China would lose 0.6 percent of its $18 trillion economy that year or $110 billion. These extra costs have to be borne by someone - American manufacturers, importers, and/or citizens buying the final products. Apple said it was "difficult to see" how tariffs would advance the government's goal.

"The Chinese aren't paying these tariffs, American families are going to pay these tariffs".

In addition, the chip industry is a source of trade surplus for the USA, including with China, Intel argued. The US and European Union announced a trade truce in July, promising not to impose new tariffs on each other.

"But we've taxed them US$50 billion - that's on technology". The president says he believes that narrowing the trade gap will bring jobs to the United States, even though it could spark higher inflation. "Lower barriers, open markets, quit stealing IP and technology", he said, using an abbreviation for intellectual property. "However, hope springs eternal".

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