Trump ready to set tariffs on all goods from China

A man walks past a screen at the Indonesia Stock Exchange building in Jakarta Indonesia

A man walks past a screen at the Indonesia Stock Exchange building in Jakarta Indonesia

The US-China trade spat escalated on July 6 when US President Donald Trump slapped tariffs on USD 34 billion in Chinese goods, triggering a dollar-for-dollar response from Beijing.

Should the United States slap tariffs on an additional amount of Chinese goods of that scale, the total value subjected to the duties would be around that of total imports to the United States from China.

In June, Trump imposed 25% tariffs on $50 billion worth of Chinese goods, mostly industrial machinery and intermediate electronics parts, including semiconductors.

Now Trump says he's got another $267 billion in tariffs ready to go on short notice if he wants.

"Risks have increased due to the negative impacts of China-U.S. trade friction".

The tariffs proposed by the Trump administration would make certain Apple products like the Watch, AirPods, and chargers, more expensive. Imports from the United States reached US$13.3 billion, a two per cent increase from the previous year. Kudlow's comments indicated the U.S. is looking for a deal with China to end the trade war between the world's two biggest economies.

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

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The tariffs are top of mind for Apple chief executive Tim Cook, who has personally lobbied Trump for months on issues of taxes and trade, even dining with the president and first lady Melania Trump at the White House in August.

The White House has accused China of stealing US intellectual property and forcing American companies to share their technology with Chinese companies.

"Our concern with these tariffs is that the US will be hardest hit, and that will result in lower USA growth and competitiveness and higher prices for USA consumers", the company said. Among the equipment hit were a number of components and devices used by USA tech firms, including chips and networking gear produced in Chinese factories. China has threatened retaliation, which could include action against U.S. companies operating there. Those tactics, the Office of the US Trade Representative has alleged, include stealing trade secrets through computer hacking and forcing US companies to hand over technology in exchange for access to the Chinese market.

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".

The Ministry of Finance said it will raise export rebate rates for 397 goods, ranging from lubricants to children's books, meaning that firms shipping such products overseas will pay less value-added tax.

"But right now we just can't make that deal".

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