Saturday, 21 July, 2018

Trump Told Apple CEO iPhones Will Be Spared From China Tariffs

US President Donald Trump speaks to the media in the town of La Malbaie Leon Neal GettyImages
Jodi Jackson | 21 June, 2018, 00:48

In addition to the $200 billion of imports Trump threatened with tariffs if China hits back over duties already announced on $50 billion of exports to the United States, he said another $200 billion would be imposed if Beijing retaliates further, a high-risk strategy that drove shares and commodities lower.

"The actions President Trump has taken are purely defensive in nature", he said, asserting that "China does have much more to lose" because it sells so much more to the USA than it buys.

Dr Zhou and her team had looked at the U.S. imposing tariffs on China without any retaliation, China imposing tariffs on United States goods, and an all-out trade war between the two.

If China "refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced", the USA will pursue tariffs on an additional $200 billion of imports, Trump added.

In this file photo, shipping containers are stacked in the Kwai Tsing Terminals in Hong Kong, China, Aug. 28, 2013.

Trump previously ordered tariffs on $50 billion in Chinese goods in retaliation for Beijing's forced transfer of us technology and for intellectual property theft.

The threat of a growing trade conflict with China hit financial markets hard, with Beijing vowing a firm response after Trump on Monday said he would implement tariffs on an additional $200 billion United States of imports from China if Beijing went ahead with reprisals over an initial set of USA tariffs. "The United States will no longer be taken advantage of on trade by China and other countries in the world".

"However, and unfortunately, China has determined that it will raise tariffs on Dollars 50 billion worth of United States exports".

Initially, 545 United States products valued at $34 billion will be targeted by China, mimicking the Trump administration's tariff rollout.

Trump recently ordered tariffs on $50bn in Chinese goods in retaliation for what he claimed is theft of intellectual property.

USA tariffs that affect more than 800 Chinese products worth $34bn in annual trade are due to come into effect on 6 July.

This possible trade war now is threading to create more pressure on the Chinese economy.

China's central bank unexpectedly injected 200 billion yuan ($31 billion) in medium-term funds into the banking system on Tuesday in a move that analysts said reflected concerns about liquidity but also the potential economic drag from a full-blown trade war.

About $50 billion in tariffs are being targeted as an attempt to get Chinese officials to address intellectual property theft of USA companies by Chinese companies.

In a statement published shortly after Monday's announcement, China's Ministry of Commerce called the move "blackmail".

Global markets plunged Tuesday after President Donald Trump threatened tariffs on an additional $200 billion worth of Chinese imports. More than 800 exports, about $34 billion worth, will be subject to tariffs starting July 6.

Of note, the report also says there is a risk that Beijing would "seek to manipulate or pressure" any of the more than 300,000 Chinese nationals annually attending USA universities or working at important American institutions.

"With respect to Tim Cook and exceptions, I have no knowledge or comment about that", Navarro said.

China has threatened "qualitative" as well as "quantitative" moves if the dispute worsens, meaning it could use inspections of goods, visa applications and other regulatory measures to make life more hard for United States companies doing business in China.

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