Apple says tariffs on Chinese goods will raise prices for U.S. consumers

Apple says tariffs on Chinese goods will raise prices for U.S. consumers

Traders were bracing for a potential escalation in the Sino-U.S. row after President Donald Trump raised the stakes on Friday, saying he is ready to impose tariffs on virtually all Chinese imports to the United States.

Trump's response: President Donald Trump tweeted on Saturday, "There is an easy solution where there would be zero tax, and indeed a tax incentive. This auto can now be BUILT IN THE U.S.A. and Ford will pay no tariffs!", the President Tweeted.

Ford Motor Company is not planning to build its Focus Active vehicles in the U.S.

"Ford has abruptly killed a plan to sell a Chinese-made small vehicle in the U.S. because of the prospect of higher U.S. Tariffs". Apple chief executive officer Tim Cook earlier this year told Trump tariffs "were not the right approach". Start building new plants now. Apple may "fractionally" increase production in the USA over the next decade or so, he continued, but he nevertheless expects the US share of Apple's manufacturing to remain small, at less than 10 percent. China is retaliating with its own tariffs on United States products. Make your products in the United States instead of China.

According to veteran journalist Bob Woodward's new book, Fear: Trump in the White House, the president had to be persistently talked out of making drastic decisions like pulling out of the World Trade Organisation and a trade deal with South Korea.

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Chien Bor-yi, an analyst at Taipei-based Cathay Futures Consultant, said Apple's component supply chain in Taiwan would take a major hit if the United States increased tariffs on Chinese imported products. It has already hiked tax on $50 billion in Chinese imports.

Apple, however, did not offer an estimate of how much the tariffs would increase its costs but encouraged Lighthizer to reconsider the measures.

Stocks in Milan jumped 2.30 percent after Economy Minister Giovanni Tria said on Sunday the coalition's more radical budget plans would be introduced gradually, reassuring investors that European Union fiscal rules would be respected.

Intel Corp said proposed tariffs would negatively affect USA businesses and "stifle advancements" in telecom infrastructure, including next generation technologies like 5G.

The world's two biggest economies are clashing over USA allegations that China deploys predatory tactics - including outright cybertheft - to acquire technology from US companies and challenge American technological dominance.

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