Posted by Grand News | 18 September 2018 | 1,020 times
President Donald Trump made good his threat on Monday by imposing a 10 percent tariffs on about $200 billion worth of Chinese imports, but sparing smart watches from Apple, even as he promised to pursue a next stage should Beijing take a retaliatory action.
Other products spared from the tariffs hike are Fitbit (FIT.N) and other consumer products such as bicycle helmets and baby car seats.
Trump, in a statement announcing the new round of tariffs, warned that if China takes retaliatory action against U.S. farmers or industries, “we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.”
The iPhone was not among the ‘wide range’ of products that Apple told regulators would be hit by the $200 billion round of tariffs in a Sept. 5 comment letter to trade officials.
But if the Trump administration enacts a further round of tariffs on $267 billion in goods, engulfing all remaining U.S. imports from China, the iPhone and its competitors would not likely be spared.
Collection of tariffs on the long-anticipated list will start Sept. 24 but the rate will increase to 25 percent by the end of 2018, allowing U.S. companies some time to adjust their supply chains to alternate countries, a senior administration official said.
So far, the United States has imposed tariffs on $50 billion worth of Chinese products to pressure China to make sweeping changes to its trade, technology transfer and high-tech industrial subsidy policies. Beijing has retaliated.
The escalation of Trump’s tariffs on China comes after talks between the world’s two largest economies to resolve their trade differences produced no results. U.S. Treasury Secretary Steven Mnuchin last week invited top Chinese officials to a new round of talks, but thus far nothing has been scheduled.
“We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly,” Trump said in his statement. “But, so far, China has been unwilling to change its practices.”
Chinese Vice Premier Liu He is set to convene a meeting in Beijing on Tuesday morning to discuss the government’s response to the U.S. decision, Bloomberg News reported, citing a person briefed on the matter.
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