Trump Threatens Tariffs on Additional $267 Billion of Chinese Imports

Cisco Systems Inc. Hewlett Packard Enterprise Co. and other technology companies sent a letter to US Trade Representative Robert Lighthiser urging the administration to avoid imposing more tariffs

The president's comments came after Apple warned this week that Trump's proposed tariffs on $200 billion worth of Chinese goods would affect a host of its products, including Apple Watch and Apple AirPods.

The proposed tariffs follow 25% duties the Trump administration already has placed on $50 billion in goods from China, aimed at putting a stop to what the White House has said is China's theft of US intellectual property, the forced transfer of American technology and cyberattacks on USA computer networks.

"Because all tariffs ultimately show up as a tax on US consumers, they will increase the cost of Apple products that our customers have come to rely on in their daily lives". "Now we've added another $200 billion". "That totally changes the equation".

Altogether, the U.S. tariffs could ultimately hit more than Dollars 500 billion in Chinese goods. The letter however, did say that it was hard to see how tariffs that will hurt companies in the U.S.as well as USA consumers will advance the objectives of the government when it comes to the technology policies of China. Trump has set the stage for tariffs on another $200 billion in Chinese imports, which could happen any day.

Trump has long encouraged Apple to being the entirety of its production to the United States, though many analysts believe that the cost to do so would be enormous. This amount would be in addition to previously-implemented tariffs on $50 billion in Chinese goods.

They say a duty of between 10-25% "would cause broad, disproportionate economic harm to USA interests".

The chip maker points to a study from the trade group, the Consumer Technology Association, which estimates the proposed tariffs will increase prices for United States electronics by 6 percent.

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Shares of Apple closed down 0.8 percent in regular Nasdaq trade on Friday, and slipped another 1 percent in extended trading.

Trump's decision to double-down on his uncompromising stance toward China means little chance of an early resolution of the standoff between the world's two largest economies.

"We can not simply shift our supply chains outside of China without massive disruption and cost increases due to materials availability, quality, compliance and capacity in other countries", said the letter, addressed to U.S. Trade Representative Robert Lighthizer.

Trump is getting a last-minute earful from prominent technology companies and retailers as he considers whether to follow through with his plan to ratchet up tariffs on Chinese exports. It also has a sizable business in China, which the Chinese could target in retaliation for US trade actions.

China has retaliated on both occasions with tariffs on the equivalent value of U.S. goods. On Friday President Trump said he was prepared to punish China with additional duties, this time on $267 billion in Chinese goods. China has warned that it would retaliate with import taxes on $60 billion worth of US goods. The company noted it spent $50 billion with 9,000 US suppliers in its most recent fiscal year, including Texas-based chip firm Finisar Corp and Kentucky-based Corning Inc.

Some business groups greeted the president's latest tariff threats with dismay.

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