Published: Sun, September 09, 2018
Markets | By Jeffery Armstrong

China's trade surplus with U.S. hit new record in August

China's trade surplus with U.S. hit new record in August

The president has called for an additional $200 billion in tariffs on products imported from China, which Apple says would impact a wide range of its products, including Apple Watch, Apple Pencil, and Air Pods, and force the company to raise prices.

The Trump administration has imposed tariffs of $50 billion on imports from China and is moving to add 25 per cent duties on another $200 billion in goods.

In a letter addressed to the Office of U.S. Trade Representative, the Cupertino company said: "It is hard to see how tariffs that hurt USA companies and United States consumers will advance the government's objectives with respect to China's technology policies". "Because all tariffs ultimately show up as a tax on US consumers, they will increase the cost of Apple products that our customers have come to rely on in their daily lives".

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There was no immediate reaction to Trump's comments from the Chinese government, and the threat of more tariffs had not been reported by mainstream state-owned Chinese media as of Saturday evening. Consequently, consumers in the United States will have to pay more for Apple products.

"The move would sharply escalate a trade war with Beijing, launched over demands from the White House for major changes in economic, trade and technology policy by China. Start building new plants now", the POTUS tweeted.

"The $200 billion we are talking about could take place very soon depending on what happens with them".

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"More broadly, tariffs will lead to higher USA consumer prices, lower overall US economic growth, and other unintended economic consequences".

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.

Chinese exports to the United States rose to US$44.4 billion in August, a 13.2 per cent increase from the same period past year, according to customs data. Cook's personal diplomacy stands in stark contrast to some of his peers in the tech industry, who haven't engaged Trump directly - and often are on the receiving end of far more aggressive tweets attacking their business practices. The tariffs would pressure China to stop that behavior, the administration has said.

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