Global markets on edge as Trump threatens duties on all Chinese imports

Global markets on edge as Trump threatens duties on all Chinese imports

Mr. Trump told reporters on Air Force One that his plans to slaps taxes of up to 25 percent on Chinese imports would depend on the choices made by that country's leaders.

Here's the scorecard on Trump's trade war with China.

Exports to the United States rose 13.4 percent to $44.4 billion, ticking up from July's 13.3 percent growth, according to customs data.

Cell phones, the biggest USA import from China, have so far been spared, but would be hit if Trump activates the new $267 billion tariff list.

The United States imported $505 billion in goods from China a year ago, and 2018 Chinese imports through July were up almost 9 percent over the same period of 2017, according to U.S. Census Bureau data.

The latest installment of tariffs would bring to $250 billion the total value of Chinese goods hit with duties, covering almost half of all imports into the USA past year.

President Donald Trump has tweeted that Apple Inc should make products inside the United States if it wants to avoid tariffs on Chinese imports. "Trump's remarks confirm his intention to continue escalating trade sanctions until China capitulates, and China has equally clearly signaled it has no intention of doing so". It makes many of its products for the USA 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.

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Trump has long encouraged Apple to being the entirety of its production to the USA, though many analysts believe that the cost to do so would be enormous.

The United States is negotiating with Canada this week to try and finalize a deal to modernize the North American Free Trade Agreement, an outcome some in the White House say will allow Washington to turn up the heat on Beijing.

Intel Corp., the world's second-largest chip maker, weighed in supporting Apple's opposition to the tariffs and broadening the argument.

"That totally changes the equation", Trump said.

White House economic adviser Larry Kudlow said the administration would not make any decisions until officials had evaluated almost 6,000 comments received.

Despite several rounds of talks between US and Chinese officials, the two countries have made little progress toward resolving their differences. The tariffs would pressure China to stop that behavior, the administration has said. U.S. stocks erased gains after his trade-war rhetoric and headed for their first weekly decline in a month.

But Kudlow said the USA goals are clear. Imports rose 20.9 percent to $189.5 billion, down from 21 percent. On Twitter, Trade lawyer Scott Lincicome pointed out that an iPhone would be more expensive to manufacture here in the U.S., citing a Marketplace report from 2014 that suggested that the component cost of an iPhone in China was around $190 per phone.

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