China's August Trade Surplus With US Hits Record $31 Billion

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The Trump administration has imposed tariffs of $50 billion on imports from China, mostly equipment and material used by manufacturers.

"Our concern with these tariffs is that the United States will be hardest hit, and that will result in lower U.S. growth and competitiveness and higher prices for USA consumers", Apple said in its letter.

The president says the tariffs are needed to force China to stop stealing US technology and coercing American companies to surrender their trade secrets in return for access to the Chinese market. But 2018 imports from China through July were up almost 9% over the same period of 2017, according to US Census Bureau data.

Following meetings with the Trump administration earlier this year, Apple CEO Tim Cook stated that he was confident tariffs would not affect the device. 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. The US imported US$505 billion of Chinese products in 2017, Census Bureau figures show.

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

While China's response to US demands has been unsatisfactory, Trump is still speaking to Xi, and would be open to meeting in person, said Kudlow, director of the White House's National Economic Council. And China has vowed to hit $60 billion in United States products in retaliation.

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China said it is ready to impose retaliatory tariffs on $60bn worth of United States goods if that happens.

Mr. Trump claims that China's trade policies are unfair, including the widespread practice of requiring foreign companies operating there to share intellectual property. Those talks will continue to go on.

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

As their attempts to head off a new and deeper round of U.S. tariffs on Chinese imports seem unsuccessful, industry groups in the United States are bracing themselves for a grim winter, with American consumers likely to bear the brunt of higher prices as the festive season approaches. "These are taxes and they're going to find their way into the pocket book of folks around the country", French said.

But Kudlow said the US goals are clear. USA stocks erased gains after Trump's remarks. "People have been saying, 'I'm too tough on Canada, '" he said. "We want lower (trade) barriers across the board".