Trump tariffs are about to hit Apple fans where it hurts

15 September, 2018, 03:23 | Author: Brooke Harris
  • Trump has threatened to slap tariffs on nearly all goods the US buys from China

"We are under no pressure to make a deal with China, " Trump wrote on Twitter, trying to dispute reports that he was seeking to cut a deal.

An earlier Bloomberg report on Friday that Trump was moving ahead on the tariffs despite Treasury Secretary Steven Mnuchin's attempts to restart talks with China on resolving the trade war had an immediate effect on financial markets, leading USA stocks to reverse course and trade lower. "The US administration will be hurting the companies it should be helping".

Such a meeting could take place in Washington or Beijing, according to informed sources.

If the United States imposed new levies on Chinese imports then Beijing "will not hesitate to take countermeasures against U.S. tariffs to safeguard China's interests", it added.

Meanwhile, almost a third of companies said they were considering delaying or canceling investments, underscoring the heightened uncertainty created by the trade tensions. Of the respondents to the survey from that sector, 80.5% said they had been hit by the American tariffs, and 75% by the Chinese retaliation-each side has levied tariffs on imports of vehicles and components from the other.

One of the highest-profile casualties of the trade war was USA chipmaker Qualcomm's (QCOM) $44 billion acquisition of Dutch rival NXP Semiconductors (NXPI), which China killed in July by refusing to grant it regulatory approval.

The comments come amid reports the two sides could resume talks to stave off a third round of U.S. tariffs.

New iPhones Are Coming
The iPhone XR starts at $749 Dollars , which we anticipate translating as £749 and will be available to order from 19 October. The iPhone XS sports a 5.8-inch OLED Super Retina (1125x2234 pixels) with the same notch as the one seen on 2017's iPhone X .

That could still happen before the next round of tariffs kick in.

Trump has been defiant, saying his rigid approach is necessary to force change in Beijing.

China has threatened retaliation, which could include action against United States companies operating there. Some of them have criticized Trump's tactics but many echo USA complaints about Chinese market barriers and industrial strategy.

This can only be right if there is no real trade war with China and I can't believe that President Trump can afford to create a real trade war because it would lead to a huge sell off on Wall Street.

Beebe said that may be because survey respondents were mostly smaller firms, adding larger companies "have the ability to withstand the impact of the tariffs but it's going to be the smaller ones that are going to feel the pinch sooner". In China, the yuan jumped and stocks rose. And further waves of U.S. tariffs are expected to take a toll on China's economy, which has already begun to slow down this year.

The chairman of the American Chamber of Commerce in China warned the Trump administration might be underestimating China's resolve to fight back. The US administration is readying a final list of $200 billion in Chinese imports on which it plans to levy tariffs of 10-25% in coming days, which would ramp up the trade war between the world's two largest economies. "But that scenario risks underestimating China's capability to continue meeting fire with fire".

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