Trump turns up the heat in trade conflict with China

Trump turns up the heat in trade conflict with China

Trump has already imposed 25 per cent tariffs on $US50 billion worth of Chinese goods, mostly industrial machinery and intermediate electronics parts, including semiconductors. Earlier speculation was that those tariffs, proposed in July, would take effect in early October, though trade associations have been gearing up for the announcement to come as early as the end of this week.

"The risks are real and there's increasing evidence that we're closer to more of a full blown trade war", said Bong-Seok Choi, director of research at San Francisco-based Wetherby Asset Management.

China's trade surplus with the United States widened to a record in August even as the country's export growth slowed slightly, an outcome that could push President Donald Trump to turn up the heat on Beijing in their cantankerous trade dispute.

Mr Trump told reporters traveling with him to Fargo, North Dakota that "behind that, there's another US$267 billion ready to go on short notice if I want". "That totally changes the equation".

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

Many American companies that rely on targeted Chinese imports are bracing for the next round of tariffs to hit, with some wondering whether they can absorb the higher costs or instead will need to pass them along to their customers - or find alternatives suppliers outside China.

Dell (DVMT), Cisco (CSCO), Juniper Networks (JNPR) and Hewlett Packard (HPE) said the tariffs would increase the costs of their networking equipment, damaging the companies' bottom lines and leading to possible USA job losses.


"The U.S.is moving higher", Lawrence Kudlow, director of the National Economic Council, said on CNBC. Among the equipment hit were a number of components and devices used by U.S. tech firms, including chips and networking gear produced in Chinese factories. USA stocks erased gains after Trump's remarks.

The U.S.'s ability to continue to dominate telecommunications technology, including the upcoming fifth-generation phone networks, will be hampered by the levy on imports from China.

"But right now we just can't make that deal".

The US has imposed $50 billion worth of tariffs on Chinese goods with another $200 billion in the final stages.

The company said the tariffs would "show up as a tax on United States consumers" and "increase the cost of Apple products that our customers have come to rely on in their daily lives".

The Ministry of Finance said it will raise export rebate rates for 397 goods, ranging from lubricants to children's books, meaning that firms shipping such products overseas will pay less value-added tax.

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