Published: Tue, September 11, 2018
Markets | By Terence Owen

China promises retaliation if Trump imposes more tariffs

China promises retaliation if Trump imposes more tariffs

A day earlier, the president exhorted Apple to start building new plants in the USA after the tech giant warned that a proposed US$200 billion in new tariffs on Chinese imports would jack up the price of its products.

Sedans and other small cars are falling out of favor with Americans. Recently though, the Trump administration, as a part of its trade war with China chose to impose a heavy 25 per cent tariff on all cars imported from China.

Agilent also said it does not believe the goods it imports are specifically covered by the "Made in China 2025" industrial policy.

Mobile phones, the biggest USA import from China, have so far been unaffected but would be engulfed if Mr Trump activates the $267bn tariff list.

Whirlpool Corp said proposed tariffs on components from China would increase costs and create supply chain problem for USA manufacturers, putting them at a competitive disadvantage.

Exports to the United States in August rose 13.4 per cent to US$44.4 billion, ticking up from July's 13.3 per cent growth. It has already hiked tax on $50 billion in Chinese imports.

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Shares of Apple slid Monday as mounting trade war tensions overshadowed the company's upcoming product launches.

Beijing matched Washington's first round of tariffs on $50 billion of goods.

Trump said Friday he was considering penalties on an additional $267 billion list of Chinese goods.

The auto-sector market economist Jon Gabrielsen told the Detroit Free Press that Trump's tweet was "further evidence that neither the president nor his trade representatives have any clue of the complexities of global supply chains". Kristin Dziczek of the Center for Automotive Research said that Ford can make Focuses "in many other plants around the world, so if they chose to continue to sell a Focus variant in the U.S. market, there are several options other than building it in the United States".

Chinese regulators have shown their willingness to attack foreign companies in disputes with other governments. Apple added that computer parts for its USA operations would be hit by the tariffs. Seoul and Beijing later mended relations, but Lotte gave up and sold its China operations. In January, the company also announced its "direct contribution" to the US economy through investments and other spending would exceed $350 billion over the next five years, while it would establish a new Apple campus to house technical support for customers.

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