Apple Watch, AirPods may be spared from Trump’s China tariffs
18 September, 2018, 16:16 | Author: Brooke Harris
That figure may be manageable, but the real challenge for Beijing in an escalating trade battle with the USA is that China's manufacturing base, which helped to underpin the country's economic boom in the past four decades, may start be harmed, they said.
The response to U.S. President Donald Trump's decision to go ahead next week with collecting 10 percent tariffs on another $200 billion of Chinese goods, ratcheting up to 25 percent in January, was unusual and unexpected on Tuesday.
USA officials say those violate Beijing's market-opening commitments and worry they might erode United States industrial leadership.
President Trump announces tariffs on another $200 billion of Chinese goods.
"It is hoped that the USA will recognise the possible negative consequences of such actions and take convincing means to correct them in a timely manner", the ministry said, without directly addressing if the talks would go forward.
"We have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies", the president said. "I urge China's leaders to take swift action to end their country's unfair trade practices".
If China retaliates, Mr. Trump threatened to impose tariffs on an additional $267 billion worth of goods.
The latest United States duties spared smart watches from Apple and Fitbit and other consumer products such as baby vehicle seats.
"The United States insists on increasing tariffs, bringing new uncertainties to bilateral trade negotiations".
USA stocks were lower Monday in anticipation of the new tariffs. US Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks, but thus far nothing has been scheduled.
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There have been periodic reports that the Trump administration was on the verge of resuming talks with Beijing.
As Beijing runs out of US goods for retaliation, American companies say regulators are starting to disrupt their operations. "But, so far, China has been unwilling to change its practices", including theft and force transfer of technology.
Fang told the Tianjin forum that he hopes the two sides can sit down and talk, but added that the latest US move has "poisoned" the atmosphere.
The United States will spare Apple's Watch and other consumer gadgets from the latest round of tariffs on Chinese goods, a senior administration official said in a last-minute reprieve for the technology industry on Monday (Sept 17).
Oil prices edged lower on concerns over how the U.S. -Sino trade dispute may dent global crude demand, but losses were limited as the market weighed potential supply tightening due to Iran sanctions.
China's yuan currency slipped against the dollar on Tuesday after news of the USA measures.
The move, which had been expected since at least the weekend, imposes 10 percent tariffs on the products.
Also spared from the tariffs were Chinese inputs for US-produced chemicals used in manufacturing, textiles and agriculture.
But the adjustments did little to appease technology and retail groups who argued US consumers would feel the pain.
Former chief economic adviser Gary Cohn tried desperately to convince Trump that tariffs would cost jobs and investment and raise little revenue, at one point telling him that he had a "Norman Rockwell" view of an American economy that bore no relationship to the services-dominated U.S. economy today. Many experts believe that the president's way of thinking about the deficit is wrong, and that a large deficit with China means that USA consumers are able to afford the latest high tech products.
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Smart watches, bluetooth devices removed from tariff list; bicycle helmets, baby vehicle seats, safety gear also excluded. The president had already announced tariffs on $50 billion (€43 billion) worth of Chinese goods since July in two phases.
China has vowed to retaliate further against any new U.S. tariffs, with state-run media arguing for an aggressive "counterattack". Tariffs on steel (of 25 percent) and aluminum (10 percent) took effect in March, raising material costs for US manufacturers.
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