Pres. Trump: Ready to tax an additional $267B in Chinese imports

Cisco Systems Inc. Hewlett Packard Enterprise Co. and other technology companies sent a letter to US Trade Representative Robert Lighthiser urging the administration to avoid imposing more tariffs

Apple Inc. said proposed US tariffs on $200 billion of Chinese goods would affect its watch, wireless headphones and other products, the first time the company has detailed specific damage that could potentially hit its hardware lineup stemming from the trade battle.

If eventually carried out, Trump's latest threat could result in tariffs on all Chinese goods entering the United States, an unprecedented escalation of his trade war with China.

Global stock markets mostly fell on Friday as traders mulled over the effects of possible US tariffs on $200 billion in Chinese goods and looked ahead to U.S.jobs data.

The company said the tariffs would "show up as a tax on United States consumers" and "increase the cost of Apple products that our customers have come to rely on in their daily lives".

Trump's comments come after Apple expressed dissatisfaction over his administration's China tariffs.

"That totally changes the equation", Trump said. It makes many of its products for the United States market in China, and it also sells gadgets including the iPhone in China, making them a potential target for Chinese retaliation against the Trump tariffs.

On Thursday, Cisco Systems Inc., Hewlett Packard Enterprise Co. and other technology companies sent a letter to U.S. Trade Representative Robert Lighthizer urging the administration to avoid imposing more tariffs.

Global businesses were on the edge of their seats Friday morning, as the comment period closed Thursday on duties on $200 billion worth of imports to the USA from China. But sellers of factory machinery and other more advanced exports express confidence they can keep their US market share. If that pace continued for the remainder of this year, Chinese imports would top $548 billion - leaving Trump a bit short of complete coverage of Chinese goods.

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"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.

"We can not simply shift our supply chains outside of China without massive disruption and cost increases due to materials availability, quality, compliance and capacity in other countries", said the letter, addressed to U.S. Trade Representative Robert Lighthizer.

The surplus with the United States was larger than China's net surplus for the month, indicating China would be running a deficit if trade with the world's largest economy was excluded.

The presidential tweet is the latest salvo in a dispute between the Trump administration and companies that fear tariffs will hurt their business.

China has warned of retaliation if Washington launches any new measures.

The proposed tariff list includes thousands of different product categories, some of which cover electronic components and devices.

USA companies are joining forces to oppose a common threat-tariffs.

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

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