China’s trade surplus with U.S. hits record $31 billion

Shipping containers stand March 23 in a terminal at the Yangshan Deep Water Port in Shanghai. New data show the U.S. goods deficit with China in the seven months through July this year widened about 8 percent to $234 billion from the same period in 2017

President Donald Trump threatened Friday to slap tariffs on all of the Chinese goods imported into the United States, ramping up the already tense trade relations with Beijing.

Apple laid out the impact on its products of the Trump administration's proposed tariffs on $200 billion worth of Chinese goods in an unsigned letter it submitted on Wednesday to USA officials as part of a public comment period.

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.

Apple, in pushing back on the tariff proposal, said it bought more than $50 billion worth of components from US-based suppliers a year ago and that it's the largest United States corporate tax payer.

"I hate to say this, but behind that there is another $267 billion ready to go on short notice if I want", Trump told reporters on Air Force One.

"That totally changes the equation", Trump said.

Asian stocks were mostly lower on Thursday as the USA and China moved closer to imposing tariffs on billions of dollars of each other's goods, sounding a call of caution in the markets.

That could help reignite USA demands that Beijing narrow its trade gap, which has temporarily been overshadowed by their clash over complaints China steals or pressures foreign companies to hand over technology.

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The president's comments Friday came one day after a public comment period ended on his proposed taxes of up to 25 percent on $200 billion of Chinese imports. But sellers of factory machinery and other more advanced exports express confidence they can keep their USA market share.

The two sides have imposed 25 percent tariffs on $50 billion of each other's goods.

"The imposition of additional duties on the raw materials and chemicals used by Rockland will exacerbate the injury inflicted by China's unfair practices and will cause disproportionate economic harm to Rockland", Berman said during the hearing.

Apple also said that computer parts for its USA operations would be hit by the tariffs. "China trade war has now become even more hard to discern as both sides step up their attacks and counter-attacks", said Cornell University economist Eswar Prasad, former head of the International Monetary Fund's China division. According to CNBC, the company said that the President's proposed tariffs would impact various Apple products, such as the Apple Watch, AirPods, HomePod, Mac, Mini, Apple Pencil, and chargers and adapters for a number of gadgets. The combined amount would cover the value of all goods China ships to the United States.

The move risks raising tensions between the world's two largest economies. The company manufactures the vast majority of its products in China and exports them to the USA, making them potential tariff targets.

U.S. Census Bureau. Trade in Goods with China.

Earlier, White House economic adviser Larry Kudlow told CNBC that the administration was still talking with China about trade issues but that so far China had not met United States requests.

"The direct economic effects of the U.S. -Chain tariff dispute have so far been limited".

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