Asian markets fall as US, China renew tariff threat

11 September, 2018, 06:36 | Author: Bert Pena
  • Apple says the price of its watches and other products will rise as a result of tariffs imposed in the trade war between the US and China. Reuters

"Now we've added another $200bn".

Cell phones, the biggest USA import from China, have so far been spared, but would be hit if Trump activates the new $267 billion tariff list. "That totally changes the equation". Germany's DAX fell 0.3 percent to 11,927, after the country's trade surplus dipped to four-year low.

In its letter this week to the Office of the U.S. Trade Representative, Apple said that "because all tariffs ultimately show up as a tax on U.S. consumers, they will increase the cost of Apple products that our customers have come to rely on in their daily lives".

It's not clear why the president cited the specific figure he used. The White House didn't immediately reply to a request for comment.

Apple is highly exposed to a trade war between the United States and China.

That would take the total goods targeted to $250 billion of the $500 billion imported each year.

Dell, Cisco, Juniper Networks and Hewlett Packard Enterprise wrote a joint letter to the U.S. Trade Representative seeking an exemption from $200 billion in new tariffs. And regular consumers stand to lose the most.

That would cover virtually all the goods imported from the world's second largest economy. To a certain extent its going to be up to China, Trump said.

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Their trading partners complain those violate Beijing's free-trade commitments and US officials worry they might erode American industrial leadership.

But she said, "We do believe that a deal that is good for Canada, good for the United States and good for Mexico is absolutely possible". "Trump's remarks confirm his intention to continue escalating trade sanctions until China capitulates, and China has equally clearly signaled it has no intention of doing so".

But sellers of factory machinery and other more advanced exports express confidence they can keep their US market share.

"China is moving lower in their economy".

His comments contradict the more diplomatic remarks earlier Friday from his top economic adviser Larry Kudlow who said talks with Beijing are continuing to try to defuse the conflict, and that he was hopeful that a solution could be found. "We're the hottest place in the world". The Chinese government has said it would help local and even foreign businesses in the country mitigate the effects of the trade dispute. The strong performance of markets over the past few months "keeps getting disrupted by news on trade" and "it's just another indication we're not out of the woods yet", she said.

As the president readies additional anti-China trade barriers, some economists worry about the economic toll.

Chinese exporters of lower-value goods such as handbags and surgical gloves say USA orders have fallen off. -China trade war, the combined monthly value of goods and services traded between the two nations would be roughly $1 billion, or 2%, higher through July 2018 that what actually has been recorded.

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