China's USA trade surplus hit record high in August

China's USA trade surplus hit record high in August

China's USA trade surplus hit record high in August

The iPhone maker said the tariffs will eventually lead to more expensive Apple products.

This week, Apple said that a proposed new round of $200 billion in additional tariffs on Chinese imports would raise prices on some of its products, including the Apple Watch and the Mac mini. But Beijing will struggle to keep responding in kind as it imports less than United States dollars 200 billion in USA goods per year. To a certain extent it's going to be up to China", he said, "And I hate to say this, but behind that is another $267 billion ready to go on short notice, if I want. "That changes the equation".

Beijing has warned that it would hit back with duties on US$60 billion in American products - a much smaller figure that shows China will not be able to match USA tariffs dollar-for-dollar.

Apple's stock closed down 0.8% in Friday's session.

That list includes some consumer products, like cameras, luggage and tires and they'd be subject to tariffs of 10-25 percent.

The president's comments Friday came one day after a public comment period ended on his proposal to add duties on $200 billion of Chinese imports.

Beyond the core products, Apple said accessories like the HomePod speaker, some Beats speakers, AirPort and Time Capsule internet routers, the Magic Mouse and Magic Trackpad, and leather cases for the iPhone, iPad, MacBook and Apple Pencil would be affected.

"Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower US growth and competitiveness and higher prices for US consumers", the company said. The company noted it spent $50 billion with 9,000 US suppliers in its most recent fiscal year, including Texas-based chip firm Finisar Corp and Kentucky-based Corning Inc.

Economists and investors have, according to the Guardian, expressed concern over the standoff between the two countries, warning that the trade war could derail the global market and provoke more counter-tariffs to Trump tariffs.

Specifically, Kudlow said, the United States was seeking "zero tariffs, zero non-tariff barriers, zero subsidies, stop the IP theft, stop the technology transfer, allow Americans to own their own companies".

Related news