China's USA trade surplus hit record high in August

China's USA trade surplus hit record high in August

China's USA trade surplus hit record high in August

President Trump acknowledged on Twitter that Apple prices could go up as a result of the "massive tariffs" he's proposing on China, but rather than accepting blame for a potential hike on popular consumer items, he said the company should move production to USA shores.

When US President Trump first tossed out the idea of starting a trade war with China, there was a serious chance those taxes would impact the prices of gadgets in the US.

Trump, speaking on Friday aboard Air Force One, said the administration had tariffs planned for an additional US$267 billion (S$370 billion) worth of Chinese goods.

In the letter, Apple says the tariff list "covers a wide range of Apple products and the products used in our U.S. operations", including the Mac Mini, Apple power adaptors, cables, the Apple Watch, the Apple Pencil and Air Pods. It makes many of its products for the U.S. market in China, and it also sells gadgets including the iPhone in China, making them a potential target for Chinese retaliation against the Trump tariffs.

"Apple prices may increase because of the massive Tariffs we may be imposing on China", he said in an 11:45 a.m. tweet, while he was traveling in the presidential motorcade.

White House Economic advisor Larry Kudlow told CNBC that talks between the US and China were ongoing.

It also said that every Apple product "contains parts or materials from the United States and is made with equipment from US-based suppliers". "Start building new plants now", Trump wrote.

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"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 wrote.

The U.S.'s ability to continue to dominate telecommunications technology, including the upcoming fifth-generation phone networks, will be hampered by the levy on imports from China. But Beijing will struggle to keep responding in kind as it imports less than Dollars 200 billion in U.S. goods per year.

But so far China had not met the Trump administration's requests.

In August 2018, the surplus was $31,05 billion, up from $28.09 billion in July.

Mr Trump told reporters traveling with him to Fargo, North Dakota that "behind that, there's another US$267 billion ready to go on short notice if I want". That totally changes the equation.

Kudlow, who heads the National Economic Council, told CNBC the administration was still talking with China about trade issues but so far China had not met U.S. requests.

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