Published: Sun, September 09, 2018
Global Media | By Garry Long

Despite trade tensions, China’s trade surplus with US hit new record

Despite trade tensions, China’s trade surplus with US hit new record

Apple said that tariffs on $200 billion worth of Chinese goods proposed by the Trump administration could result in higher prices for its products in a letter to the government published on Friday.

"We know that the President has received reports that the Chinese economy is struggling - reports that we believe are overstated - and thus he may believe that additional pressure might be effective in the short-term", Allen said.

If the administration moved ahead, it would more than cover the entire value of goods imports from China, according to us government data from a year ago. But 2018 imports from China through July were up almost 9% over the same period of 2017, according to US Census Bureau data. The US imported $505 billion of goods from China last year and the figure is expected to rise this year.

China's trade surplus with the United States reached a record $31 billion in August, despite hefty tariffs recently imposed on Chinese goods.

Apple, like other tech giants, has benefited from the last year's overhaul to the USA tax code, and the company has committed to returning much of the $252 billion in cash it held overseas.

"The U.S.is moving higher", Lawrence Kudlow, director of the National Economic Council, said on CNBC. And China has vowed to hit $60bn in United States products in retaliation.

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For the Trump administration, Friday began with sunny signs for the labor market before Trump's hawkish trade-war rhetoric clouded the outlook. The company makes a large percentage of its products in China.

Apple voiced its concerns about these tariffs in a public filing Friday, arguing that tariffs could make a wide range of products the company is selling to USA consumers more expensive.

The presidential tweet is the latest salvo in a dispute between the Trump administration and companies that fear tariffs will hurt their business.

That would basically cover all the imports from China that aren't already covered.

At the same time, Apple is already using components sourced from US manufacturers in some of its products. "In the meantime, we are taking in billions of dollars of taxes coming in from China, and with the potential of billions and billions of dollars more taxes coming in".

"I can't predict the future, but I am optimistic that the countries will get through this and we are hoping that calm heads prevail", he continued. Among the equipment hit were a number of components and devices used by U.S. tech firms, including chips and networking gear produced in Chinese factories. "Lower barriers, open markets, quit stealing IP and technology", he said, using an abbreviation for intellectual property.

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