Apple Prices May Rise Due To My Tariffs

Sep 10, 2018, 03:57
Apple Prices May Rise Due To My Tariffs

While the White House says they are still deliberating on the details of adding US$200 billion in Chinese imports to a list of tariff targets, President Trump said Friday that there is more where that came from.

So far, Trump's administration has imposed tariffs on about $53 billion in Chinese goods.

Trump said Friday that tariffs on China worth $200 billion would "will take place very soon depending on what happens".

On Wednesday, Apple warned in a letter to the US trade representative that Apple's competitiveness could be hurt, leading to higher prices for consumers.

Trump has boasted that trade wars are "easy to win" and warned he would hit virtually all Chinese imports if Beijing does not back down and take steps to reduce its $335 billion surplus with the US. The company makes a large percentage of its products in China.

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. 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.

Beyond the core products, Apple said accessories like the HomePod speaker, some Beats speakers, AirPort and Time Capsule internet routers, the Magic Mouse and Magic Trackpad, and leather cases for the iPhone, iPad, MacBook and Apple Pencil would be affected.

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

That could help reignite USA demands that Beijing narrow its trade gap, which has temporarily been overshadowed by their clash over complaints China steals or pressures foreign companies to hand over technology.

Still, it has been cheaper for USA consumers to buy Chinese goods with the weaker yuan. Apple's letter to the United States trade office named several company products that risk facing duties; they include the HomePod, the Apple Pencil, company chargers and adapters for Apple devices, and even the leather covers for the iPhones and iPad. Among the equipment hit were a number of components and devices used by U.S. tech firms, including chips and networking gear produced in Chinese factories.

White House Economic advisor Larry Kudlow told CNBC that talks between the US and China were ongoing. Apple said the tariffs would raise the cost of its US operations and put it at a disadvantage to foreign rivals.

Economists and investors have, according to the Guardian, expressed concern over the standoff between the two countries, warning that the trade war could derail the global market and provoke more counter-tariffs to Trump tariffs.

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