USA spares Apple and Fitbit from new China tariffs

18 September, 2018, 12:46 | Author: Regina Silva

The Trump administration is imposing tariffs on $200 billion more of Chinese goods starting next week, escalating a trade war between the world's two biggest economies and raising prices on a range of consumer goods.

Trump said he will impose 10 percent US tariffs on about $200 billion worth of Chinese imports but he spared smart watches from Apple (AAPL.O) and Fitbit (FIT.N).

Earlier Monday, White House chief economic adviser Larry Kudlow said at the Economic Club of New York, "We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations" to reduce trade barriers.

Last month, China unveiled a proposed list of tariffs on US$60 billion of United States goods ranging from liquefied natural gas to certain types of aircraft - should Washington activate the tariffs on its US$200 billion list.

The BBC's Asia business correspondent Karishma Vaswani said the escalating trade war between the two countries is in part due to a lack of understanding of the other's position.

A senior Trump administration official told reporters that the United States was open to further talks with Beijing, but offered no immediate details on when they may occur. The U.S. Trade Representative's office held over a week of hearings with stakeholders and businesses in several industries regarding the additional tariffs on $200 billion.

Additional tariffs on $267 billion of imports from China would push the cumulative total beyond the amount of goods the USA bought from the Asian nation past year. China has said it will hit back. China has said it's ready to impose retaliatory tariffs on US goods.

Those included high-profile consumer products, such as smart watches, bicycle helmets, play pens and baby auto seats.

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The Bloomberg report quoted White House economic adviser Larry Kudlow speaking to the Economic Club of NY earlier today. The Wall Street Journal reports Pyongyang has worked with Russian Federation and China to avoid sanctions, according to a confidential United Nations report, making the latest economic penalties "ineffective".

"Tariffs are a tax on American families, period", said Hun Quach, RILA´s vice president for global trade.

President Trump defended his mercantilist policy on Monday, tweeting that "Tariffs have put the United States in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable".

"If the U.S. launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", foreign ministry spokesman Geng Shuang told reporters during a regular press briefing on Monday.

They also say United States economic growth and inflation are likely to have peaked this year, which could help to further turn the tide of market sentiment against the Dollar over coming months. These tactics include hacking US companies to steal their trade secrets and forcing them to turn over their know-how in exchange for access to the Chinese market.

In response, the American President took to Twitter to rail against Cupertino.

"China's scope to retaliate is surprisingly limited however, especially since the outbreak of swine flu, which will anyway push up CPI inflation", Beamish said, referring to the deadly swine fever strain that is seen impacting Chinese pork prices.

Trump campaigned for the presidency on a pledge to tax imports and rewrite or tear up trade agreements that he said put USA companies and workers at a disadvantage.

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