China's trade surplus with U.S. hit new record in August

A man walks past a screen at the Indonesia Stock Exchange building in Jakarta Indonesia

A man walks past a screen at the Indonesia Stock Exchange building in Jakarta Indonesia

China's trade surplus with the United States hit a new record in August as President Donald Trump threatened to impose tariffs on virtually all Chinese goods.

A part of Apple's letter, which was first reported on by Bloomberg, reads, "It is hard to see how tariffs that hurt USA companies and US consumers will advance the Government's objectives with respect to China's technology policies".

In addition to its Apple Watch and its wireless Air Pods, Apple (AAPL) said tariffs would affect the Apple Pencil, HomePod and MacMini, along with adapters, cables and chargers.

Update: On the $200 billion in tariffs, Trump said they could be soon depending on what happens. To a certain extent it's going to be up to China. "That changes the equation".

Stock prices slipped after his comments, which roiled technology and multinational shares.

The US dollar rallied versus major peers and the offshore Chinese yuan fell the most in a week.

The White House has accused China of stealing US intellectual property and forcing American companies to share their technology with Chinese companies.

"Apple prices may increase because of the massive tariffs we may be imposing on China - but there is an easy solution where there would be zero tax, and indeed a tax incentive", Trump tweeted on Saturday.

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While Trump was waving his proverbial stick, Top White House economic advisor Larry Kudlow made a paltry attempt to offer something of a carrot on Friday, saying that the United States is up for talks and that there is "constant communication".

The $200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10% to 25%.

The August surplus with the USA was larger than China's overall surplus of $27.91 billion for the month.

But, they'd also be hit by the threatened 267 billion dollar list.

The administration has already imposed tariffs on $50 billion in Chinese products, and Beijing has punched back with tariffs on $50 billion in American goods.

"We will continue to talk to China".

Computer and phone makers are involved in a global supply chain that includes Chinese manufacturing, and that can not be easily excluded without harm to U.S. companies, Intel said in a letter to the trade representative. Earlier this year, the company said that as part of tax reform it would spend $350 billion in the USA over the next five years.

"Those have been our asks for many months and so far those asks have not been satisfied", he said.

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