Trump warns of tariffs on another $267B imports from China

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Notably, the iPhone was not cited as part of Apple's potentially impacted devices, possibly because of an exemption the Trump administration promised to negotiate on behalf of Apple earlier this year. "It's time to stop".

"To a certain extent, it's going to be up to China", the president said Friday.

The president's comments Friday came one day after a public comment period ended on his proposed taxes of up to 25 percent on $200 billion of Chinese imports.

It would also be in addition to tariffs his administration has already imposed on $50 billion in Chinese imports, for which Beijing has retaliated with an equal amount of import taxes on USA goods. By increasing duties on telecommunications networking gear, the administration would raise the cost of accessing the Internet and slow the roll-out of next-generation wireless technologies, the companies said. He suggested that there could be no tax - it's not clear if he just means this particular tariff - and that there could be tax incentives for relocating. If Trump's Republicans lose control of one or both houses of Congress, it will weaken Trump's leverage and strengthen China's, and represent of repudiation of Trump's trade policies by his own voters.

That said, Apple didn't give an estimate of how much the proposed tariffs would contribute to the increased costs of its products. But Beijing will struggle to keep responding in kind as it imports less than United States dollars 200 billion in USA goods per year. Beijing has threatened to retaliate with duties on $60 billion in American products.

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Trump has long encouraged Apple to being the entirety of its production to the USA, though many analysts believe that the cost to do so would be enormous.

Chinese officials acknowledged Chinese exporters have been rushing out shipments to beat new US tariffs, buoying the headline growth readings, while some companies such as steel mills are diversifying and selling more products to other countries. The Chinese government has said it would help local and even foreign businesses in the country mitigate the effects of the trade dispute.

Jeffrey Frankel, a professor and economist at Harvard University, said some concerns American companies have raised about China are valid. But, as the Guardian noted, Trump's tariffs are not working.

DATA OUTLOOK: Investors are expecting a string of US releases on Friday, such as the latest unemployment rate. Commerce Ministry spokesman Gao Feng said Thursday that the country is confident it can maintain "steady and healthy" economic growth.

Lighthizer has been trying since last week to reach a deal with Canada on a revised North American Free Trade Agreement with Mexico, and he heads to Brussels on Monday to meet with European Union officials to discuss the outlines of a trade deal announced in late July. Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over limits on US firms' access to Chinese markets, intellectual property protection, technology transfers and investment. China's trade surplus with the US has, therefore, risen almost 15 percent from January to August 2018.

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