Published: Mon, September 10, 2018
Worldwide | By Jermaine Blake

Trump ups ante on China, threatens duties on almost all its imports

Trump ups ante on China, threatens duties on almost all its imports

The tariffs would potentially hurt USA companies that import everything from handbags to bicycle tires.

If eventually carried out, Trump's latest threat could result in tariffs on all Chinese goods entering the United States, an unprecedented escalation of his trade war with China.

The public comment period ended Thursday on proposed tariffs that could range from 10% to 25% on some $200bn worth of Chinese goods, including multiple seafood items, such as re-processed salmon and tuna as well as red swimming crab.

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 USA requests.

The suggestion that Apple could easily move all of its manufacturing to the USA doesn't quite match up with the realities of the consumer electronics industry, which depends on China's significantly lower wages as well as the country's massive manufacturing infrastructure.

Given the smaller amount of goods China imports from the United States on which it could slap duties, Beijing has vowed to hit back with unspecified "qualitative" and "quantitative" measures, actions perceived within the US business community as likely to be increased customs and regulatory scrutiny.

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"If these tariffs go into effect, (China) may have to cushion the economy by devaluing its currency again", said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

President Donald Trump took to Twitter today to call out one of the biggest tech companies in the world, Apple, the Washington Examiner reports. "Anything we develop, usually in about six months, we see the same products coming out of Chinese mills".

"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 USA consumers", Apple wrote.

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.

Efforts to negotiate a U.S.

"The Chinese aren't paying these tariffs, American families are going to pay these tariffs". The Shanghai Composite index was 0.2 percent higher at 2,709.15. As a kind of nuclear option, it could sell off trillions' worth of U.S. Treasuries it holds, although that could hurt China as much as the United States.

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