Apple Magazine - USA - Issue 409 (2019-08-30)

(Antfer) #1
technology sales to telecom equipment giant
Huawei, China’s first global tech brand.
“It does not appear likely they will yield in
the face of more economic pressure,” UBS
economists Tao Wang, Ning Zhang and Jennifer
Zhong said in a report.
The American Chamber of Commerce in
Shanghai appealed to both sides to avoid
further penalties and reach a settlement.
“This is not a market from which American
companies can withdraw,” the chamber
president, Ker Gibbs, said in a statement.
“Further escalation accomplishes nothing,” said
Gibbs. “The U.S. and China should put their
energy into negotiation, not further retaliation.”
A weaker yuan would help exporters but make
it more expensive for real estate developers and
other Chinese companies to repay billions of
dollars in foreign debt.
Trump said he would raise planned tariffs on
$300 billion of Chinese goods from 10% to 15%.
The U.S. Trade Representative said tariffs already
imposed on another $250 billion in Chinese
imports would rise from 25% to 30% on Oct. 1
following a public comment period.
That was in response to Beijing’s announcement
of tariff increases on $75 billion of American
imports. The Chinese government said it also
would go ahead with penalties on imports
of U.S.-made autos and auto parts that were
announced last year but suspended while the
two sides negotiated.
The government said those increases would
take effect in two batches on Sept. 1 and Dec.


  1. That matches the timeline for Trump’s
    plan to extend tariff hikes to $300 billion of
    Chinese imports.


Image: Andrew Harnik

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