Kudlow: US Ready For China Trade Talks If Beijing Opens Up Economy
Kudlow: US Ready For China Trade Talks If Beijing Opens Up Economy
Report: Apple Watch, AirPods may be spared from Trump’s China tariffs
18 September, 2018, 18:57
US President Donald Trump threatened in July to impose tariffs on thousands of Chinese products as the US seeks to overcome a US$376 billion trade deficit between the countries, and to discourage what he says are unfair trade tactics used by the Chinese government.
The Chinese matched those tariffs, with duties on American imports.
"It appears that the administration responded to some industry concerns, but for many American businesses and consumers this still represents a rapid acceleration of costs and much higher uncertainty", said Rufus Yerxa, president of the National Foreign Trade Council.
U.S. President Donald Trump delivering a speech in the Great Hall of the People in Beijing, China, in November 2017.
It brings all Chinese imports subject to added tariffs to US$250 billion, roughly half of China's shipments to the USA past year.
In recent months, Washington and Beijing imposed 25 percent tariffs on $34 billion worth of goods headed across each other's border.
Smart watches and devices that use Bluetooth wireless communications, the technology behind Apple's AirPods and other products that work with smartphones, will be excluded from the new tariff list.
A driver looks out from his trishaw decorated with an American and Chinese flags in Beijing on Sunday. Beijing's penalties hit soybeans and other farm goods from states that voted for Trump in 2016.
Trade officials from the European Union, U.S. and Japan meet again next week for talks aimed at easing trade tensions.
But they object to Trump's tactics and warn the dispute could chill global economic growth and undermine worldwide trade regulation. Fitbit shares closed down 1 percent on Monday. "More generally, the direction of global trade policy in the United States continued to be a source of uncertainty for the outlook for the world economy".
Officials from the USA and China have met several times to address trade issues, most recently in August, but were unable to make much progress. US Treasury Secretary Steven Mnuchin invited top Chinese officials to a new round of talks last week, but thus far nothing has been scheduled.
The lower Chinese figure highlights Beijing's inability to match the USA dollar-for-dollar in a tariffs war.
Kenneth Jarrett, president of the American Chamber of Commerce in Shanghai, said three quarters of its members will be hit by the tariffs, and they will not bring jobs back to the United States. Donald Trump has previously threatened to leave the WTO if it doesn't "shape up" and treat the USA better - and his administration seems to be in little mood to de-escalate the situation.
By expanding the list to $200 billion of Chinese products, Trump may spread the pain to ordinary households.
The U.S. government did withdraw some items from its preliminary list of imports to be taxed, including child-safety products such as bicycle helmets.
The result could be higher prices for American consumers, because most companies are expected to pass on the cost to their customers. So while the Trump administration might not specifically tax iPhone imports in the future, Apple could still pay the price for Trump's trade war through its dealings with China.
It is worth adding that some of the OEMs have already launched devices and even cars that support Amazon Alexa voice assistant . If true, this could also mark Amazon's debut in the home appliance market, something Apple and Google are yet to make inroads.
The overall list of Chinese goods subject to tariffs now runs to 194 pages, and now amounts to nearly half of all Chinese imports. Turkey has in turn hiked tariffs on imports of several U.S. products such as rice, alcohol, leaf tobacco , cosmetics and cars.
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At the same time, the administration said it is still open to negotiations with China. He didn't answer directly when asked whether Beijing would back out if U.S.
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It was unclear if the administration will exempt any of the products that were on the list, which was announced in July. Trump continues to ratchet up pressure on Beijing to change its trade practices even as he floats the idea of talks.