Concerns in US, Asia over fresh round of tariffs

Concerns in US, Asia over fresh round of tariffs

Concerns in US, Asia over fresh round of tariffs

President Donald Trump told reporters that tariffs on an additional $267 billion worth of Chinese goods are ready to go, in addition to the $200 billion in tariffs the White House has already lined up. "And I hate to say this, but behind that is another US$267 billion ready to go on short notice if I want". To a certain extent it's going to be up to China.

China, which retaliated against initial tariffs in July and last month, has said it will hit back against a new round with duties on another US$60 billion worth of American goods.

Both countries have already slapped levies on $50 billion of each other's exports, and China promised on Thursday to respond to any USA escalation with "necessary countermeasures". "That totally changes the equation". Chinese officials may respond by subjecting American companies operating in China to unexpected tax audits, custom inspections or even consumer boycotts.

Japan will have a "big problem" if it doesn't conclude a new trade deal with the USA, he said on Air Force One.

The White House has accused China of stealing US intellectual property and forcing American companies to share their technology with Chinese companies. "China trade war has now become even more hard to discern as both sides step up their attacks and counter-attacks", said Cornell University economist Eswar Prasad, former head of the International Monetary Fund's China division.

The United States has demanded that China better protects American intellectual property, cut its USA trade surplus, allow U.S. companies greater access to its markets and roll back its high-technology industrial subsidy programs.

Apple doesn't actually run its own factories in China, but uses contract manufacturers like Foxconn to build the iPhone and other products. "In the meantime, we are taking in billions of dollars of taxes coming in from China, and with the potential of billions and billions of dollars more taxes coming in". Trump is "dead serious" in his determination to push China to reform its trade policies, he added.

"We will continue to talk to China".

President TrumpDonald John TrumpEx-Playboy model accuses GOP fundraiser Elliott Broidy of physical abuse: reports Cohen seeks to vacate hush-money deal with Stormy Daniels Stormy Daniels says she broke into "sobs" when she heard about Cohen's plea MORE on Saturday pitched what he called an "easy solution" for Apple to avoid his proposed tariffs on China: Make the products in the U.S.

Levying duties on all Chinese purchases would hit "every aspect of our American lifestyle - so the clothes that we put on our back, the food that we eat, the cars that we drive, theshoes that we wear", Hun Quach, vice president of worldwide trade for the Retail Industry Leaders Association, said by phone. Fitness tracker maker Fitbit said it would be hit by tariffs, and chipmaker Intel Corp said the levies could slow down the adoption of 5G networks, the next generation of wireless data technology for phones and other devices. "(Our) asks have not been satisfied", he said.

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