China's trade surplus with US hits record $31 billion


For gadget nerds, this seems like a sad and obvious conclusion to the spate of escalating tariffs that the USA and China have been slinging back and forth since Trump got all this started back in autumn.

President Donald Trump agrees with Apple that potential tariffs on Chinese imports could make its gadgets more expensive, but he says the tech company can fix the problem by moving production to the U.S. He wrote: "Start building new plants now".

Thursday marked the final day for the public to comment on Trump's proposal to impose a 25 percent on $200 billion in Chinese goods. "If the US$200 billion tariffs are imposed, American consumers will see that prices of consumer goods increase significantly", he said.

China's imports from the United States grew only 2.7 percent in August, a slowdown from 11.1 percent in July.

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

The Mac mini desktop computer, Apple Pencil stylus accessory for iPads, various chargers and adaptors and tooling equipment used to manufacturer and design some products in the US will also be affected, the Cupertino, California-based company told the Office of US Trade Representative in a letter dated September 5.

"We hope, instead, that you will reconsider these measures and work to find other, more effective solutions that leave the USA economy and USA consumer stronger and healthier than ever before".

Apple CEO Tim Cook didn't sound that concerned about the tariffs during the company's Q3 earnings call.

China's trade surplus with the US has, therefore, risen almost 15 percent from January to August 2018.

The country's trade surplus with the U.S.

"In summary, [the proposed tariff list] is so broad and encompasses so many information, communication and technology (ICT) products that significant consumer harm is unavoidable", Intel said.

That would cover virtually all the goods imported from the world's second largest economy.

In August 2018, the surplus was $31,05 billion, up from $28.09 billion in July.

"We are puzzled as to why the Administration may be using tariffs in part to re-engineer global ICT (information, communication and technology) supply chains that have served U.S. companies so well".

That said, Apple didn't give an estimate of how much the proposed tariffs would contribute to the increased costs of its products. Apple said "it is hard to see" how tariffs would advance the government's goal. The iPhone is Apple's primary revenue driver.