Trump says Apple can avoid tariffs by shifting production to US

Share

President Donald Trump has defended the duties on steel, aluminum imports and a range of Chinese goods as necessary to protect American industries from what he says is unfair foreign competition.

Eyes were also turning to the United States payrolls report for August which is expected to show a robust rise of 191,000, in part as July was temporarily depressed by the closure of the Toys R Us chain that month.

Those countermeasures include slapping tariffs on $60 billion of USA imports, Gao said.

But he told reporters traveling with him to Fargo, North Dakota that "behind that, there's another $267 billion ready to go on short notice if I want". "That changes the equation". The Dow Jones Industrial Average closed down about 77 points or 0.3 percent in mid-afternoon trading.

The Trump administration has imposed tariffs on $50 billion worth of imports from China, mostly equipment and material used by manufacturers.

The proposed tariffs of up to 25% on specific products imported from China to the US would hit "a wide range of Apple products", the company said, including its Mac mini computer, chargers, adapters, specialized manufacturing machinery and more.

Apple did not respond to requests for comment.

More news: Security breach at Lyon Airport, a vehicle chase on runway, flights grounded
More news: Eye of Hurricane Olivia breaking apart
More news: Eagles pull off Philly special play again

If the administration moved ahead, it would more than cover the entire value of goods imports from China, according to us government data from a year ago. And China has vowed to hit $60 billion in US products in retaliation. And regular consumers stand to lose the most.

In an interview with the BBC's Asia Business Report programme, HPE's chief executive Antonio Neri said the firm had "weathered the impact of the first two rounds of tariffs very well because it has a flexible and large scale supply chain".

Trump tweeted that: "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". Only health care stocks posted gains. "It would cause broad, disproportionate economic harm to United States interests", the letter said.

There's no final decision on that round of tariffs as the U.S. Trade Representative's office continues to "run their process", White House Deputy Press Secretary Lindsay Walters said on Friday. The Shanghai market is down roughly 23 percent in dollar terms so far this year while the Dow has risen almost 5 percent.

On Thursday, White House economic adviser Larry Kudlow told Bloomberg that Trump is willing to meet with Chinese leader Xi Jinping if China shows a willingness to compromise.

World shares limped toward their worst week in nearly six months on Friday, with Asia carving out a 14-month trough as investors braced for a new salvo of Sino-US tariffs. "It may take longer to figure out what the repercussions are, but the USA will not be unscathed". Chinese diplomats complain that the Trump administration lacks a single negotiator empowered to make a deal and is vague about its objectives. "We can't let this happen", the president said. "These things are not hard".

While those numbers wouldn't derail the economy - Zandi forecasts that growth would reach 3 percent this year - "you'd start to feel it", Zandi said. "That said, the trade relationships and agreements that the USA has between the USA and other major economies are very complex and it's clear that several are in need of modernizing, but we think that in the vast majority of situations that tariffs are not the approach to doing that and so we're sort of encouraging dialogue and so forth".

Share