World stocks mostly fall on possible US-China tariffs Asia News

Shipping containers stand March 23 in a terminal at the Yangshan Deep Water Port in Shanghai. New data show the U.S. goods deficit with China in the seven months through July this year widened about 8 percent to $234 billion from the same period in 2017

Shipping containers stand March 23 in a terminal at the Yangshan Deep Water Port in Shanghai. New data show the U.S. goods deficit with China in the seven months through July this year widened about 8 percent to $234 billion from the same period in 2017

U.S. President Donald Trump warned on Friday that he has tariffs ready to go on $267 billion worth of Chinese imports in addition to the $200 billion of the Asian nation's goods already facing the risk of duties.

And then he went further, saying he's also ready to hit another 267 billion worth of imports right after.

Trump said the tariffs on $200 billion of Chinese goods could "take place very soon depending on what happens with them". "That totally changes the equation".

White House economic adviser Larry Kudlow said on Friday the U.S. wants to build a "coalition of the willing" to take on China that would include the EU, Japan and other allies. By close the dip had eased to 0.81 percent.

The US dollar rallied versus major peers and the offshore Chinese yuan fell the most in a week. "The U.S.is moving higher", Lawrence Kudlow, director of the National Economic Council, said on CNBC.

The presidential tweet was the latest salvo in a dispute between the Trump administration and companies that fear tariffs will hurt their business. Now, the Trump administration "has begun to hit things clearly not processed in the USA - consumer goods - and this is going to get people's attention".

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 percent to 25 percent. China plans to tax an additional $60 billion in USA products if the Trump administration expands its hit list by $200 billion.

According to the U.S. Census Bureau, the United States' trade deficit with China hit a record high in July 2018, with U.S. imports of Chinese goods rising year over year and Chinese imports of U.S. goods falling over the same period.

The office of the USA trade representative Thursday finished accepting comments on the next round of tariffs, which could hit up to $200bn in Chinese products any day.

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Apple said the proposed tariffs would lead to lower US growth and competitiveness and higher prices for USA consumers.

Apple doesn't actually run its own factories in China, but uses contract manufacturers like Foxconn to build the iPhone and other products. Last year, Apple invested $1 billion in Corning, which manufactures the glass used in screens for the iPhone, and Trump said that CEO Tim Cook committed to building "three big plants, lovely plants" in the US. That represents a small portion of Apple's $229 billion in overall sales.

"The Chinese aren't paying these tariffs, American families are going to pay these tariffs".

While the President often brags about his accomplishments via Twitter, official data shows that China's trade surplus with the United States is greater than ever.

The company's US-made hardware products have taken it to become a $1 trillion company but those products are built in China which, in turn, creates thousands of jobs.

What Apple actually announced in January was to contribute $350 billion to the USA economy over the next five years that includes an estimated $55 billion investment in 2018.

"Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower US growth and competitiveness and higher prices for US consumers", the company said.

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

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