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.
U.S. President Donald Trump warned on Friday he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on another $267 billion of goods on top of $200 billion in imports primed for levies in coming days. He wrote: "Start building new plants now. Exciting!" Trump said in the tweet.
Such a move would subject virtually all USA imports from China to new duties.
Still, Apple's business would no doubt face some serious headwinds due to possible tariffs, and Apple continued on to say: "Our concern with these tariffs is that the U.S. will be hardest hit, and that will result in lower United States growth and competitiveness and higher prices for USA consumers".
In addition, the chip industry is a source of trade surplus for the USA, including with China, Intel argued.
Earlier this week, Apple said in a regulatory filing that the president's proposed $200 billion in fresh tariffs on China would cover "a wide range of Apple products", from its Mac Mini computer to cables, chargers and laptop cases.
The United States has demanded that China better protects American intellectual property, cut its U.S. trade surplus, allow USA companies greater access to its markets and roll back its high-technology industrial subsidy programs. The tariffs would pressure China to stop that behaviour, the administration has said.
"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. Apple said "it is hard to see" how tariffs would advance the government's goal.
The Trump administration has imposed tariffs of $US50 billion on imports from China, mostly equipment and material used by manufacturers. The company said on its website that it spent over $50 billion for goods purchased from US suppliers past year.