China announces tariff hike on $75 billion of US products
Shares of Apple plunged almost $10 or 4.62% today after U.S. President Donald Trump disseminated a tweet "ordering" U.S. companies to stop doing business in China.
"We don't need China and, frankly, would be far. better off without them, Trump said".
The latest developments in the trade war have sent global financial markets tumbling.
"Our Country has lost, stupidly, Trillions of Dollars with China over many years".
"They have stolen our Intellectual Property at a rate of Hundreds of Billions of Dollars a year, & they want to continue. I won't let that happen!", Trump wrote.
The latest salvo from China comes after the United States unveiled tariffs on an additional US$300 billion worth of Chinese goods, including consumer electronics, scheduled to go into effect in two stages on September 1 and December 15. While the company had produced older iPhone models in India to avoid an import tax in that country, and to meet the demand for lower-priced models in that market, it has started production of the 2018 iPhones in India.
Trump's demand, issued amid a furious Twitter attack on China, ordered US companies to look for an 'alternative to China, ' hours after China announced tariffs on an additional $75 billion of USA goods in the latest trade war escalation.
China insists Trump's punitive tariffs have to be lifted immediately, while Washington is pushing for some to stay to ensure Beijing carries out any promises it makes.
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"Sadly, past administrations have allowed China to get so far ahead of fair and balanced trade that it has become a great burden to the American taxpayer", Mr Trump tweeted. China's tariffs are set to take effect in two tranches, on Sept 1 and Dec 15. Carmakers such as Daimler and Tesla had adjusted their prices in China when the auto and auto parts tariffs had been suspended.
Trump last week delayed a threat to impose 10% tariffs on $156 billion of Chinese goods, partly in an attempt to ease tensions, but also as he seeks public support for a second term in the White House.
And $300 billion in goods being hit with a 10 per cent tariff staring September 1 will now be hit with a 15 per cent tariff, Trump Tweeted.
Soybeans, crude oil and other energy goods face 5 percent tariffs. -China trade talks would nevertheless continue in September and dismissed the Chinese tariff threat as small in terms of the US economy.
US-made mango juice, electric buses and chemical products face 10 percent duties come mid-December while smaller aircraft, hand pumps and bearings will be hit with 5 percent taxes. The president's tweets came just as markets had begun to recover from earlier losses thanks to a soothing speech made by Federal Reserve Chair Jerome Powell at the annual central banking symposium in Jackson Hole, Wyoming.
"China trade negotiations will continue as planned in early September", said Agathe Demarais, global forecasting director at the Economist Intelligence Unit, in an e-mail statement.
However, China's commerce ministry spokesman Gao Feng said on Thursday he had no information on the next round of meetings, while noting the two sides remain in contact.
"China is signaling yet again that it has no intention of backing off from the trade war, further reducing the likelihood of the US and China agreeing on any sort of trade deal in the coming months", said Cornell University economist Eswar Prasad, former head of the China division at the International Monetary Fund.
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