Stock markets pick up after Asia drops over Trump tariffs

Share

Spared until now, mobile telephones, the biggest USA import from China, would be engulfed if Trump activates the $267 billion tariff list.

U.S. President Donald Trump said on Friday he was ready to levy additional taxes on practically all Chinese imports, threatening duties on $267 billion of goods over and above planned tariffs on $200 billion of Chinese products.

President Donald Trump offered some business advice to Ford Motor on Sunday: because of the administration's high tariffs on vehicle imports from China, Ford can start making its Focus Active in the United States. "We hope, instead, that you will reconsider these measures and work to find other, more effective solutions that leave the USA economy and USA consumer stronger and healthier than ever before", Apple said. American officials worry they might erode US industrial dominance.

Still, the Saturday tweet really undersells the potential impact of Trump's plan to slap 25 percent tariffs on another $200 billion of Chinese imports. China has retaliated in kind, and Washington and Beijing have continue to ratchet up threats of more tariffs.

More news: Two Britons among seven injured in Paris knife attack
More news: Drones and gymnasts: North Korean 'Mass Games' return with messages of reconciliation
More news: Denmark field an amateur XI against Slovakia

Trump previously has claimed that Apple is building new plants in the United States, but the iPhone maker has not announced any such plans. 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. The data point to a job market that remains resilient after almost a decade of economic growth, and even with tariffs and counter-tariffs on imports and exports looming over US employers that rely on global trade. China's trade surplus with the United States widened to a record $31 billion.

"Make your products in the United States instead of China", he tweeted this weekend.

Chinese regulators have so far targeted farm goods and other exports from states that supported Trump in the 2016 election. He wrote on Twitter, "Apple prices may increase because of the massive Tariffs we may be imposing on China - but there is an easy solution where there would be ZERO tax, and indeed a tax incentive".

Last year, Beijing destroyed South Korean retailer Lotte's business in China after the company sold a golf course in South Korea to its government for construction of a missile defense system opposed by Chinese leaders. Seoul and Beijing later mended relations, but Lotte gave up and sold its China operations.

Share