Apple says United States tariffs on China would hit 'wide range' of products

The Trump administration is poised to impose 25 percent penalties this week on $200bn worth of Chinese goods

Global exports increased by 9.8 percent while its imports rose by 20 percent compared to the same month previous year, according to customs data. The U.S. imported US$505 billion of Chinese products in 2017, Census Bureau figures show. "More broadly, tariffs will lead to higher US consumer prices, lower overall USA economic growth, and other unintended economic consequences".

The Trump administration has imposed tariffs of $US50 billion on imports from China, mostly equipment and material used by manufacturers.

The US has imposed $50 billion worth of tariffs on Chinese goods with another $200 billion in the final stages. Beijing says it will retaliate.

In Beijing, China's Commerce Ministry said Thursday it was readying countermeasures.

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".

They say a full-blown trade war by 2021 could shrink America's annual economic output by an average of one-third of a percentage point and China's by two-tenths of a percentage point from 2019 through 2021.

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Nearly 350 individuals from companies, trade associations and other entities testified, with most opposed to the levies. But communist leaders see their industry plans as the path to prosperity and global influence. He suggested that there could be no tax - it's not clear if he just means this particular tariff - and that there could be tax incentives for relocating. The tariffs would pressure China to stop that behavior, the administration has said. In January, the company also announced its "direct contribution" to the USA 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.

If Trump follows through his threats, it would mean virtually all of China's exports to the USA would be subject to higher duties. The Chinese government has said it would help local and even foreign businesses in the country mitigate the effects of the trade dispute. That would give financial markets a chance to digest the politically sensitive data before trading opens Monday.

In August 2018, the surplus was $31,05 billion, up from $28.09 billion in July. But Beijing will struggle to keep responding in kind as it imports less than United States dollars 200 billion in U.S. goods per year.

Mr. Cook personally has encouraged President Trump to avoid a major trade confrontation with China, telling the president during one-on-one meetings dating back to late 2016 that it would negatively affect American companies including Apple, according to a person familiar with those meetings. Imports from the United States reached $13.3 billion, a two percent increase from the previous year. And he said he'll likely sign up updated free trade agreement with South Korea later this month when he visits the United Nations.

Chen Wenling, chief economist at the China Center for International Economic Exchanges, said China still needs to make long-term preparations for the Sino-US trade spat, which may require many years to resolve.

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