Friday, 16 November, 2018

Could ‘soon’ impose tariffs on $200B in Chinese goods

Apple says the price of its watches and other products will rise as a result of tariffs imposed in the trade war between the US and China. Reuters Apple says the price of its watches and other products will rise as a result of tariffs imposed in the trade war between the US and China. Reuters
Glenn Montgomery | 11 September, 2018, 06:35

"If the US$200 billion tariffs are imposed, American consumers will see that prices of consumer goods increase significantly", he said.

"I don't think this magnitude of tariffs has been priced into the markets", Lara Rhame, chief US economist at FS Investments, told Bloomberg Television in an interview. An opportunity could take place when world leaders gather at the UN General Assembly in NY this month and the Group of 20 summit in Argentina in November, he said. The company's hardware products have taken it to become a $1 trillion company but those products are built in China which also creates thousands of jobs.

Altogether, the USA tariffs could ultimately hit more than United States dollars 500 billion in Chinese goods. The US imported $505 billion of Chinese products in 2017, Census Bureau figures show. "It's time to stop". "Can't let that happen".

Speaking in a television interview, White House economic advisor Larry Kudlow said that the administration would be reviewing the roughly 6,000 comments members of the public had made to the US Trade Representative on the $200bn proposals before deciding on how to proceed with the tariffs.

In a letter addressed to the Office of U.S. Trade Representative, the Cupertino company said: "It is hard to see how tariffs that hurt United States companies and USA consumers will advance the government's objectives with respect to China's technology policies". In turn, those companies could be forced to raise prices or lay off workers to control costs.

Manufacturers and small and mid-sized firms in particular can't quickly adjust and the tariffs imposed so far haven't led to any meaningful concessions, a coalition of the National Retail Federation and 150 organizations said in separate comments to Lighthizer.

President Donald Trump said Apple should move production of its products to the USA from China because the company could pay "ZERO tax" in America. The Trump administration is deciding whether to extend penalties to another $200 billion list of Chinese imports. But if Trump adds the $200 billion in Chinese products to the target list, American consumers would likely feel the pinch directly.

"Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower US growth and competitiveness and higher prices for US consumers", the company said.

Away from trade developments and emerging market turmoil, attention will be directed towards the U.S.jobs report coming out later today which will offer fresh insight into the health of the USA employment sector. -China trade situation would "get sorted out because there's an inescapable mutuality" between the two countries. The deterioration in the trade deficit was flagged in an advance report published last month.

Apple was among several tech companies to submit comments regarding the proposed tariffs. Many lawmakers, including from Trump's own Republican party, oppose the president's zeal for tariffs but have limited options for curbing such sanctions.

US indexes are set for a subdued open. -China truce have proved fruitless. Commerce Ministry spokesman Gao Feng said Thursday that the country is confident it can maintain "steady and healthy" economic growth.

President Trump's trade war with China moved up a gear last month when the U.S. brought in a 25% tax on a second wave of goods worth $16bn. Meanwhile, the administration has reached a preliminary deal with Mexico to overhaul the North American Free Trade Agreement, and has been negotiating around the clock with Canada for a new three-nation pact.

Apple laid out the impact on its products of the Trump administration's proposed tariffs on $200 billion worth of Chinese goods in an unsigned letter it submitted on Wednesday to US officials as part of a public comment period.

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