US tech firms ask for protection from next Trump tariffs

The Trump administration is poised to impose 25 percent penalties this week on $200bn worth of Chinese goods

The Trump administration is poised to impose 25 percent penalties this week on $200bn worth of Chinese goods

More than 140 trade associations representing businesses across a wide range of industries sent a letter to the White House on Thursday asking the Trump administration to reconsider a proposed 25 percent tariff on $200 billion worth of Chinese goods.

President Trump's latest list of proposed tariffs on products manufactured in China would have a negative impact on some of Apple's most popular products.

The US dollar was boosted by the data, but investors were jittery about US trade relations after President Donald Trump said he could hit China with more tariffs and alluded to trade talks with Japan while Canada negotiations continue.

"I hate to do this, but behind that ($200 billion tariff list) there is another $267 billion ready to go on short notice if I want", Trump told reporters.

"That totally changes the equation", Trump said.

Trump's threat to escalate USA tariffs on Chinese imports contributed to a decline on Wall Street, with stock index futures dropping on concern that companies and workers would likely endure some financial pain.

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

The U.S. Trade Representative's office didn't respond to a request for comment.

Zhang said the impact from USA tariffs on China's exports would likely be limited over the next few months.

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They say a duty of between 10-25% "would cause broad, disproportionate economic harm to United States interests". Apple, which is set to unveil new iPhones and other products on September 12, said this would put it at a disadvantage relative to foreign competitors, and that the U.S. would be hit the hardest by taxing these categories.

In addition, the chip industry is a source of trade surplus for the United States, including with China, Intel argued.

China regularly runs deficits with many of its trading partners that supply oil, industrial components and other imports and pays for those by running a surplus with the United States and Europe.

Trump's decision to double-down on his uncompromising stance toward China means little chance of an early resolution of the standoff between the world's two largest economies.

Tariffs could be used to shift negative attention away from the Trump administration, according to Height. "The traditional method of calculating the USA trade balance attributes the entire value of our products to the country where final assembly is located, in most cases China".

"I would think that we will lose business to the Chinese competitors here in the USA and what I can see is that if our sales go down, there could be layoffs in our company", he said.

Some business groups greeted the president's latest tariff threats with dismay.

The president's solution is a simple one: stop making things in China, and make them in the United States instead.

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