Wednesday, 14 November, 2018

Dell, Cisco seek 11th hour exemption from new Chinese tariffs

US President Donald Trump US President Donald Trump
Gerardo Duncan | 11 September, 2018, 06:33

President Trump's trade war with China moved up a gear last month when the USA brought in a 25% tax on a second wave of goods worth $16bn.

And then he went further, saying he's also ready to hit another 267 billion worth of imports right after. Trump has set the stage for tariffs on another $200 billion in Chinese imports, which could happen any day. "To a certain extent it's going to be up to China", Trump said.

"That totally changes the equation", Trump said.

Trump initiated the trade war to punish Beijing for what it says are China's predatory tactics to try to supplant USA technological supremacy.

Stocks dipped after Trump's comments became public but recovered most of their losses.

World share indexes registered their biggest weekly declines in nearly six months in a volatile session yesterday as investors weighed solid U.S. economic data against expectations for higher interest rates and United States trade tensions on multiple fronts.

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

Both Apple and Intel are warning that President Trump's trade war with China will increase prices for consumer electronics, including the Apple Watch and AirPods. Now, the Trump administration "has begun to hit things clearly not processed in the USA - consumer goods - and this is going to get people's attention".

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.

U.S. President Donald Trump walks to Marine One while departing the White House in Washington, U.S., September 6, 2018.

Thursday was the deadline to submit public comments about the proposed tariffs.

"Tariffs increase the cost of our U.S. operations, divert our resources and disadvantage Apple compared to foreign competitors", Apple wrote in its filing with the U.S. Trade Representative.

Most comments were from companies seeking to remove products from the tariff list, arguing there were few, if any alternative sources and the duties would cause financial hardship.

"If USTR were to impose a 10-25 percent additional duty on networking products and accessories, it would cause broad, disproportionate economic harm to USA interests, including our companies and US workers, our customers, USA consumers, and broader USA economic and strategic priorities", the letter reads.

This morning on Twitter, Trump urged Apple to build new manufacturing plants here in the USA to avoid the tariffs.

The goods trade deficit with China surged 10 percent to a record $36.8 billion in July.

In its filing, Apple challenged that approach, writing that "it is hard to see how tariffs that hurt US companies and USA consumers will advance the Government's objectives with respect to China's technology policies". "They will turn to other non-tariff measures", he added. The combined amount would cover the value of all goods China ships to the United States. The US products targeted by China include coal, copper scrap, fuel, buses and medical equipment.

"Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower US growth and competitiveness and higher prices for US consumers", the company said. "We want lower (trade) barriers across the board", Kudlow said.

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