Economy

Trump issues $267bn tariff threat to China ahead of trade talks

Trump issues $267bn tariff threat to China ahead of trade talks”

Apple, which is now exempt from the existing tariffs, didn't comment to the WSJ, but has suggested to US trade authorities that tariffs would put the California-based company at a disadvantage against competitors overseas and that it could mean higher prices for USA consumers.

"Maybe. Maybe. Depends on what the rate is", Trump said of smartphones and laptop computers to the WSJ. "Now, if he would do his part, or his government would do their part, then we can all make a much better point".

The two-day summit that begins Friday will discuss trade, growth, climate change, gender equality, among other issues of global importance.

If no deal is reached during that meeting, he intends to impose tariffs of 10% to 20% on all remaining imported goods from China. And things have been moving very slowly between the two countries'.

"We want a world ideally of zero tariffs, zero non-tariff barriers and zero subsidies", he said. In 2017, the USA bought more than $522 billion worth of goods from China.

As for China, the only "fair deal" would be for it to open the doors to U.S. competition. 'As far as other countries are concerned, that's up to them'.

Mr Trump is expected to meet Chinese President Xi Jinping in the upcoming G20 summit at Bueno Aires, Argentina this weekend. In September, the Trump administration announced a 10 per cent tariff on US$200 billion of Chinese goods, and said the rate will rise to 25 per cent on January 1.

New Tariffs Could Hit Laptops, iPhones, Trump Says

The dinner with Xi is scheduled as one of the last events on Trump's itinerary there before he returns to Washington, Kudlow said.

'The main issue is how to settle down the trade war, ' the official said on condition of anonymity due to the sensitive nature of preparatory negotiations. 'I am conservatively optimistic that can be done, ' he added.

At a regular news briefing in Beijing on Tuesday, Chinese foreign ministry spokesman Geng Shuang reiterated China's hope that both sides could work towards a "positive outcome" from the meeting between the two leaders, citing a "consensus" they reached during a November 1 telephone call. "President Xi can step up and come up with some new ideas for us".

'We can buy from Japan and South Korea or develop our own. "But we're going to make a deal with China that's going to be representative of the United States the way it used to be".

Technology controls would also be a double-edged sword, so in the long term it would not be a win-win situation, but a lose-lose one, Xu said.

Trump's advice to all businesses that manufacture is to "build factories in the United States and to make the product here". Once the chain is broken, the United States would be affected too'.



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