China's US trade surplus hit record high in August

China's US trade surplus hit record high in August

Troy Powers
September 9, 2018

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.

The tweet came after Apple warned that Trump's proposed tariffs on $200 billion of Chinese-made products would affect the company. "Exciting!" Trump said Saturday in a tweet aimed at the Cupertino, California-based company.

Trump, speaking on Friday aboard Air Force One, said the administration had tariffs planned for an additional $US267 billion ($A376 billion) worth of Chinese goods.

Such a move would subject virtually all USA imports from China to new duties.

"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", Apple said in the letter.

"The move would sharply escalate a trade war with Beijing, launched over demands from the White House for major changes in economic, trade and technology policy by China".

The company is concerned, however, about the Trump administration's proposal to add 25 percent duties on another $200 billion in Chinese goods, including a wider assortment of consumer-related items.

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Apple's AirPods headphones, some of its Beats headphones and its new HomePod smart speaker would also face levies if the current package of $200bn in tariffs goes ahead as expected in the coming days.

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.

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

China's trade surplus with the United States reached a record $31 billion in August, despite hefty tariffs recently imposed on Chinese goods. Apple said "it is hard to see" how tariffs would advance the government's goal.

Cellphones, the biggest United States import from China, have so far been spared but would be engulfed if Trump activates the $267 billion tariff list.

Apple, like other tech giants, has benefited from the last year's overhaul to the US tax code, and the company has committed to returning much of the $252 billion in cash it held overseas.