Trump's China tariffs will hit our products hard: Apple

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Apple took a fall in Friday stock trading, a reaction to U.S. President Donald Trump's announcement that the country could slap tariffs on an additional $267 billion in Chinese-made products - possibly impacting the iPhone, the Apple Watch and some other important products. To a certain extent its going to be up to China, Trump said. China exported about $505 billion in goods to the United States previous year, suggesting that the combined tariff list would cover virtually all Chinese-made goods.

"That totally changes the equation", Trump said.

Separately, White House economic adviser Larry Kudlow told CNBC on Friday that Washington wanted to build a "coalition of the willing" to take on China that would include Japan, the European Union and other allies.

The dollar gained around 0.4 percent against China's off-shore traded yuan following Trump's comments.

The tweet appears to be in response to a letter sent by Apple to the US Trade Representative on Friday. Intel Inc., Cisco Systems Inc. and others argued in their filings that the tariffs could hamper USA competitiveness in 5G, an emerging wireless technology the White House has set up as critical to national security. But David French, top lobbyist for the National Retail Federation, whose members include, BJ's Wholesale Club and Macy's, said almost every consumer good could be affected if Trump follows through on all threatened tariffs.

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Mobile phones aren't amongst the products, but they would be captured if Trump puts into effect the $267 billion list he warned about.

"The public comment period, which is closed as of today, will force a delay before the final tariff list is published as the US trade representative works to address the multitude of comments received and potentially makes slight alterations to the initial proposal", Height said in a Thursday note.

"It is hard to see how tariffs that hurt US companies and USA consumers will advance the Government's objectives with respect to China's technology policies".

"In summary, [the proposed tariff list] is so broad and encompasses so many information, communication and technology (ICT) products that significant consumer harm is unavoidable", Intel said.

The goods trade deficit with China surged 10 percent to a record $36.8 billion in July.

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The suggestion that Apple could easily move all of its manufacturing to the USA doesn't quite match up with the realities of the consumer electronics industry, which depends on China's significantly lower wages as well as the country's massive manufacturing infrastructure.

He added: "We've taxed them $50 billion that's on technology".

"We are still talking with China on a number of issues".

Apple is highly exposed to a trade war between the U.S. and China. Those talks will continue to go on. The strong performance of markets over the past few months "keeps getting disrupted by news on trade" and "it's just another indication we're not out of the woods yet", she said.

"Those have been our asks for many months and so far those asks have not been satisfied", he said.

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