Apple Says China Tariffs Will Hurt Its Competitiveness and Raise Prices

10 September, 2018, 19:17 | Author: Myra Gill
  • The Trump administration is poised to impose 25 percent penalties this week on $200bn worth of Chinese goods

And on September 7, he said he's ready to hit another $267 billion worth of Chinese imports with tariffs, with his underlings preparing the necessary paperwork. The US imported $505 billion of goods from China last year and the figure is expected to rise this year.

The president's comments Friday came one day after a public comment period ended on his proposed taxes of up to 25 percent on $200 billion of Chinese imports.

The United States and China have slapped retaliatory tariffs on a combined $100 billion of products since early July, with more in the pipeline, posing risks to both domestic and global economic growth.

"I think the president has reasonable political support among the electorate and his own base for action against China", said Scott Miller, a trade scholar at the Center for Strategic and International Studies in Washington.

In it, Apple says the proposed tariffs would "cover a wide range of Apple products" as well as other materials that Apple uses to make its products.

The company is highly exposed to a trade war between the US and China.

"If the United States dogmatically implements any new tariff measures against China, China will have to take the necessary countermeasures", commerce spokesman Gao Feng told reporters.

"We absolutely must buy our raw materials in China because they are not sufficiently available in the USA or even in other countries", he said.

While China's trade surplus with the United States grew again, it remained stable with the rest of the world at $27.9 billion in August.

At the same time, Apple is already using components sourced from USA manufacturers in some of its products.

President Trump responded to Apple's concerns about tariffs with a tweet Saturday morning, acknowledging that Apple products could get more expensive as a result of his administration's escalating trade war with China. However, he said looking to tariffs as a solution is generally unwise because of the amount of imported materials American companies rely on and supply chains that crisscross borders.

USA financial markets were little moved by the data. In theory, that means China would have a hard time retaliating, which might leave no option but to concede defeat and take steps to reduce exports, as Trump wants. The Shanghai Composite index was 0.2 percent higher at 2,709.15.

Specifically, Kudlow said, the United States was seeking "zero tariffs, zero non-tariff barriers, zero subsidies, stop the IP theft, stop the technology transfer, allow Americans to own their own companies".


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