China's trade surplus with USA hit new record in August

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Apple warns President Donald Trump's proposed tariffs on China will lead to a price increase on many of its most popular products. For gadget nerds, this seems like a sad and obvious conclusion to the spate of escalating tariffs that the USA and China have been slinging back and forth since Trump got all this started back in autumn. "Exciting!" Trump said Saturday in a tweet aimed at the Cupertino, California-based company.

The potential tariffs would come on top of punitive levies on $50 billion in Chinese goods already in place as well as another $200 billion that Trump says "could take place very soon".

The yuan sunk almost 9 percent against the US dollar from April through July, according to China's Wind Information data.

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

The moves would sharply escalate President Donald Trump's trade war with Beijing over his demands for major changes in economic, trade and technology policy.

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The public comment period ended Thursday on proposed tariffs that could range from 10% to 25% on some $200bn worth of Chinese goods, including multiple seafood items, such as re-processed salmon and tuna as well as red swimming crab.

But the higher cost of wages in the United States could offset the benefits Apple might gain by avoiding tariffs affecting its products manufactured in China. The Trump administration has also called on China to allow US companies greater access to Chinese markets and to cut its USA trade surplus.

Many Apple accessories, such as mice, keyboards, chargers and even leather covers for iPhones and iPads would face tariffs, Apple said.

As CNBC noted, Apple CEO Tim Cook had previously brushed off Trump tariffs, claiming to have had conversations with the POTUS, arguing that the tariffs would not hit Apple products.

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. China's trade surplus with the USA has, therefore, risen almost 15 percent from January to August 2018.

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