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

Kenny Grant
September 10, 2018

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.

China's trade surplus with the United States ballooned to a new record US$31 billion in August despite a raft of U.S. tariffs, official data showed Saturday, adding fuel to the flames of a searing trade war.

The Trump administration has already imposed 25% tariffs on $50 billion worth of Chinese goods, meant to punish Beijing for alleged unfair trade practices and intellectual property theft.

In a letter addressed to the Office of U.S. Trade Representative, the Cupertino company said: "It is hard to see how tariffs that hurt United States companies and USA consumers will advance the government's objectives with respect to China's technology policies".

The Trump administration has argued that tariffs on Chinese goods would force China to trade on more favorable terms with the United States.

"Apple prices may increase because of the massive Tariffs we may be imposing on China", he said in an 11:45 a.m. tweet, while he was traveling in the presidential motorcade.

The Commerce Ministry expressed confidence Thursday that China can maintain "steady and healthy" economic growth despite the trade pressure.

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Reuters reported in July that the Apple Watch was likely to be affected by the tariffs.

If the US President goes through with his threat, it would substantially escalate his trade war with Beijing, especially since China has itself said it could retaliate, including taking action on US companies operating in its territory. Apple Chief Executive Officer Tim Cook earlier this year told Trump tariffs "were not the right approach".

"Semiconductors are America's fourth-largest export, and our industry has a global trade surplus of over $6 billion and a surplus with China of close to $2 billion in 2017", Intel's letter said.

The country's trade surplus with the U.S. Investors were told that the company was still evaluating the proposed list of goods that would be hit by the tariffs.

The President is banking on the strong U.S. economy - with unemployment at record lows - to take the edge off the damage to the United States itself in the face of a trade war.

It also said that every Apple product "contains parts or materials from the United States and is made with equipment from US-based suppliers". Apple said it was "difficult to see" how tariffs would advance the government's goal.

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