Weak Exports Push US Trade Deficit To Five-Month High
Weak Exports Push US Trade Deficit To Five-Month High
Donald Trump: U.S. could move "very soon" to hit China with $200B in new tariffs
11 September, 2018, 12:19
Trump seems eager to reach the point where the United States can outgun China on tariffs, because we import so much more than they do.
It would also be in addition to tariffs his administration has already imposed on $50 billion in Chinese imports, for which Beijing has retaliated with an equal amount of import taxes on USA goods.
"We've taxed them $50 billion - that's on technology", the president said. However, that could change if the Trump administration follows through with earlier threats of levies on $500 billion in imports, which would cover just about everything China exports to the USA, trade experts say.
The Trump administration has imposed tariffs of $US50 billion on imports from China, mostly equipment and material used by manufacturers. "That totally changes the equation". Additional U.S. tariffs are certain to trigger Chinese retaliation, though China's smaller volume of American imports means that it can't match Trump's tariffs on a dollar-for-dollar basis.
The office of the US trade representative Thursday finished accepting comments on the next round of tariffs, which could hit up to $200 billion in Chinese products any day.
Chinese exports to the United States rose to $44.4 billion in August, a 13.2 percent increase from the same period a year ago, according to customs data. "The U.S.is moving higher", Lawrence Kudlow, director of the National Economic Council, said on CNBC. Apple said the tariffs would raise the cost of its USA operations and put it at a disadvantage to foreign rivals.
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A senior administration official told The Wall Street Journal Friday that the expanded China tariffs "are coming" but said that the timing remains unclear.
Intel Corp., the world's second-largest chip maker, weighed in supporting Apple's opposition to the tariffs and broadening the argument.
China has not yet responded to this latest announced round of tariffs. All Apple had to do to avoid import taxes was to rebuild all of its manufacturing in the U.S. "Start building new plants now", he tweeted. For gadget nerds, this seems like a sad and obvious conclusion to the spate of escalating tariffs that the U.S. and China have been slinging back and forth since Trump got all this started back in autumn.
"I would think that we will lose business to the Chinese competitors here in the USA and what I can see is that if our sales go down, there could be layoffs in our company", he said.
In a letter written to the US Trade Representative on Friday, Apple some of its popular products will get hit by the 25 per cent increase in import tax.
The presidential tweet was the latest salvo in a dispute between the Trump administration and companies that fear tariffs will hurt their business.
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Meanwhile, the BJP said the hike in fuel prices was a "momentary difficulty" and claimed the shutdown was a complete failure. Also in attendance were former Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi.
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