U.S. willing to talk with China: White House adviser

11 September, 2018, 06:35 | Author: Charlene Valdez
  • US President Donald Trump

When US President Trump first tossed out the idea of starting a trade war with China, there was a serious chance those taxes would impact the prices of gadgets in the US.

And then he went further, saying he's also ready to hit another 267 billion worth of imports right after. "And the US$200 billion we're talking about could take place very soon, depending on what happens with them".

Cell phones, the biggest US import from China, have so far been spared, but would be hit if Trump activates the new $267 billion tariff list. "That changes the equation".

White House economic adviser Larry Kudlow just hours before said talks with Beijing were continuing to try to defuse the conflict, and that he was hopeful that a solution could be found. The Nasdaq composite, which has a high concentration of technology companies, dipped 0.9 percent to 7,922.73.

Trump also wants to reduce the United States' gaping trade imbalance with an ascendant Chinese economy.

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"I don't think this magnitude of tariffs has been priced into the markets", Lara Rhame, chief USA economist at FS Investments, told Bloomberg Television in an interview.

In short, the White House is mulling slapping tariffs on $200bn of Chinese kit imported into the States - and the Command-in-Chief is suggesting ballooning that figure to $467bn.

The $US200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10 per cent to 25 per cent.

Cell phones, the biggest US import from China, have so far been spared, but would be engulfed if Trump activates the $267 billion tariff list.

While China's response to USA demands has been unsatisfactory, Trump is still speaking to Chinese President Xi Jinping, and would be open to meeting in person, said Kudlow, director of the White House's National Economic Council.

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The public comment period on the new tariffs ended Thursday, the last step before a decision.

AirPods headphones, some of Apple's Beats headphones, and its new HomePod smart speaker also face levies as part of proposed 10 per cent tariffs on US$200 billion worth of Chinese goods, according to an unsigned letter the company submitted on Wednesday to USA officials as part of a public comment period.

Apple outlined how the company's operations and products will be affected by the tariffs. Start building new plants now. "And of course, the world needs both USA and China to prosper, for the world to do well". The company said on its website that it spent over $50 billion for goods purchased from USA suppliers a year ago. The company noted it spent $50 billion with 9,000 USA suppliers in its most recent fiscal year, including Texas-based chip firm Finisar Corp and Kentucky-based Corning Inc. The tariffs have now pulled the largest tech company in the U.S.in the crosshairs of the ongoing trade battles.

They say a full-blown trade war by 2021 could shrink America's annual economic output by an average of one-third of a percentage point and China's by two-tenths of a percentage point from 2019 through 2021. "However, hope springs eternal".

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