Trump intensifies trade war, threatens duties on nearly all imports from China

US President Donald Trump

US President Donald Trump

President Donald Trump concedes that some Apple Inc. products may become more expensive if his administration imposes "massive" additional tariffs on Chinese-made goods, but he says the tech company can fix the problem by moving production to the U.S.

New tariffs on Chinese imports could cause the price of computers and networking equipment to rise, costing consumers billions of dollars while slowing 5G network implementation, four major US tech companies say.

"It is hard to see how tariffs that hurt U.S. companies and United States consumers will advance the Government's objectives with respect to China's technology policies", Apple said in its letter. The Trump administration has held hearings on the next possible tranche of tariffs, and has now run the traps necessary to impose new tariffs on an additional $200 billion in Chinese imports. "That totally changes the equation".

"Continuing the tit-for-tat tariff escalation with China only serves to expand the harm to more US economic interests, including farmers, families, businesses, and workers", the trade associations wrote, adding that small businesses that can't adapt to the tariffs would be hit particularly hard. The president says the tariffs are needed to force China to stop stealing US technology and coercing American companies to surrender their trade secrets in return for access to the Chinese market. Such a step would significantly escalate his trade war with Beijing and would likely increase costs for a broad range of USA businesses and consumers.

At public hearings last month, companies warned that fresh duties on Chinese imports could hike costs and stifle innovation.

World share indexes registered their biggest weekly declines in nearly six months in a volatile session yesterday as investors weighed solid United States economic data against expectations for higher interest rates and USA trade tensions on multiple fronts. USA companies have warned that the tariffs, which would cover a huge range of industrial and consumer goods, would cause costs to increase.

NHC Forecast: Hurricane Florence is rapidly strengthening
In Holden Beach, North Carolina , in the storm's path, longtime residents were boarding up homes and securing possessions. The last Category 4 storm to hit the Carolinas was Hugo, which barreled into Charleston, South Carolina , in 1989.

China has not yet responded to this latest announced round of tariffs.

The move risks raising tensions between the world's two largest economies.

But now, Rockland's reliance on China for those materials has put it in the middle of a growing trade war - and its view on President Trump's tariffs is rather unusual: It both opposes and supports them. -China trade war, the combined monthly value of goods and services traded between the two nations would be roughly $1 billion, or 2%, higher through July 2018 that what actually has been recorded. Doing so would escalate a confrontation between the world's two biggest economies and likely squeeze US companies that import everything from handbags to bicycle tires.

"If these tariffs go into effect, (China) may have to cushion the economy by devaluing its currency again", said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

The presidential tweet was the latest salvo in a dispute between the Trump administration and companies that fear tariffs will hurt their business.

Recommended News

  • Hurricane Florence strengthens to Category 2 storm

    Hurricane Florence strengthens to Category 2 storm

    South Carolina Governor Henry McMaster estimated about 1 million residents were under orders to evacuate the coast of his state . The strength and orientation of an area of high pressure over the western Atlantic will be key to Florence's movement this week.
    McCarthy: No decision yet on Rodgers facing the Vikings

    McCarthy: No decision yet on Rodgers facing the Vikings

    Kizer, who was acquired in the offseason in a trade with Cleveland, started 15 games previous year for the winless Browns. But then out comes Rodgers, the two-time NFL MVP, hobbling on one leg out of the locker room.
    Russia Confirms Air Strikes on Syria's Idlib

    Russia Confirms Air Strikes on Syria's Idlib

    The meeting in Tehran marks the third time the presidents of Turkey , Russia , and Iran have met over Syria in less than a year. United Nations officials warned this week of a humanitarian catastrophe if a military offensive in Idlib moves forward.
  • Donald Trump is capitalising on resentment, says former President Barack Obama

    Donald Trump is capitalising on resentment, says former President Barack Obama

    Six of the seven Democratic congressional candidates the rally is being held on behalf of were in attendance. Also, Obama has been known to be unsuccessful in transferring votes of his supporter to other Democrats.
    Hurricane Olivia continues to weaken

    Hurricane Olivia continues to weaken

    This news about Hurricane Olivia comes just weeks after Hurricane Lane brought 3-4 feet of rainfall to parts of Hawaii. On Saturday, Olivia is forecast to be the fifth hurricane to enter the Central Pacific this hurricane season.
    Trump Officials Deny They Wrote New York Times Op-Ed

    Trump Officials Deny They Wrote New York Times Op-Ed

    Democrats continue to call for an adjournment over the handling of documents from Kavanaugh's tenure in the George W. His deputy chief of staff said Pence's office is "above such amateur acts".
  • Ugly tie: Browns coach: Taylor, offense must ‘play better’

    Ugly tie: Browns coach: Taylor, offense must ‘play better’

    The Steelers took over at their 17, but punted from their 28 after Larry Ogunjobi sacked Roethlisberger for a 10-yard loss. The All-Pro running back is still holding out over a bitter contract dispute, causing some animosity among his teammates.
    Former Trump campaign aide sentenced - and his lawyer blames Trump

    Former Trump campaign aide sentenced - and his lawyer blames Trump

    Mueller's team had pushed for a six-month prison sentence, while Papadopoulos' defense had requested probation. The sentence was handed down in a federal court in Washington DC yesterday.
    What to expect from Apple's September 12 event

    What to expect from Apple's September 12 event

    It wouldn't be unreasonable to suggest a 512GB option might appear somewhere though, given Samsung introduced this on the Note 9 . That's the leaked branding name tipped for the rumoured 6.5-inch iPhone CS - the biggest screen display on any iPhone to date.
  • The Brazen Tradecraft of Russia's Novichok Operation

    The Brazen Tradecraft of Russia's Novichok Operation

    Prime Minister Theresa May told MPs it was carried out by two GRU agents and sanctioned at a "senior level" in the Russian state. The Russian foreign ministry has said that the names of the two suspects did "not mean anything to us".
    Aaron Rodgers returns to lead Pack to win against Bears

    Aaron Rodgers returns to lead Pack to win against Bears

    Next week, the Bears will host the Seahawks on Monday Night Football while the Packers will welcome the Vikings to Lambeau Field. While Packers fans feared the worst, Rodgers surprised nearly everyone by coming out on the sideline for the second half.
    Djokovic admits 2018 US Open toughest mission

    Djokovic admits 2018 US Open toughest mission

    "But like I said on court, I would back myself playing during the daytime also". "It's OK", Djokovic told Millman. Osaka becomes the first Japanese woman in a Grand Slam semifinal since Kimiko Date at Wimbledon in 1996.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.