Trump’s tariffs on Chinese products might impact your Christmas shopping budget after all

The Trump administration announced on Aug. 1, that it planned to levy tariffs of 10% on over $300 billion of Chinese imports. The product on the shelf may not come directly from China, but Chinese companies supply ingredients used to create many food items. Consumers with lower incomes tend to shop at budget retailers such as dollar stores and big box chains — which source a lot of products from China. As you get closer to Christmas, these latest tariffs on Chinese goods are likely going to “bit


The Trump administration announced on Aug. 1, that it planned to levy tariffs of 10% on over $300 billion of Chinese imports. The product on the shelf may not come directly from China, but Chinese companies supply ingredients used to create many food items. Consumers with lower incomes tend to shop at budget retailers such as dollar stores and big box chains — which source a lot of products from China. As you get closer to Christmas, these latest tariffs on Chinese goods are likely going to “bit
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Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: megan leonhardt
Keywords: news, cnbc, companies, goods, tariffs, chinese, items, impact, holiday, trump, china, shopping, trumps, christmas, administration, budget, product, products


Trump's tariffs on Chinese products might impact your Christmas shopping budget after all

With Trump’s trade war with China set to start impacting consumer goods in early September, experts say it may pay to start your holiday shopping earlier than usual this year. The Trump administration announced on Aug. 1, that it planned to levy tariffs of 10% on over $300 billion of Chinese imports. However, a little more than a week later, the administration changed course, delaying tariffs on electronics such as smartphones, video game consoles, as well as some clothing and toys, until December. “We’re doing this for the Christmas season,” President Donald Trump told reporters on Aug. 13. “Just in case some of the tariffs would have an impact on U.S. customers.” Tariffs are taxes are paid by the importer, not the country exporting the product. The Trump administration has introduced the tariffs in an effort to bring China to the negotiation table after claiming the country has unfair trade practices that hurt U.S. manufacturing. But many times, it’s the consumer who’s stuck paying a higher price for a product — an issue that President Trump tacitly acknowledged when his administration decided to delay the tariffs on popular holiday gift items. Once a tariff is imposed, businesses have a few options. They can pass on the tax to consumers by charging higher prices, they can eat the difference to stay competitive or they can push back on the supplier to lower the base cost of the product to account for the new taxes. In some cases, companies may even switch to a non-Chinese supplier.

What items could see price hikes

While some electronics and toys may be spared for now, the list of goods that will be impacted by the Sep. 1 tariffs still spans 122 pages and ranges from everyday grocery items like milk and tomatoes to household staples like diapers and soap, and even products like alarm clocks and sports equipment (and yes, that includes skis). With such a wide range of products in play and uncertainty around how retailers will respond, it’s hard to predict exactly how much these tariffs will affect the everyday shopper. Yet the two areas where you will most likely see price increases are on clothing and footwear, says William Reinsch, senior advisor at the Center for Strategic and International Studies and contributor to The Trade Guys podcast. Last year, over 40% of all clothing and almost 70% of the footwear sold in the U.S. was imported from China, according to the American Apparel & Footwear Association. And while Trump says the delay of some tariffs is meant to protect holiday shoppers, the Association says many common Christmas items and decor still fall under the September round of tariffs, including holiday stockings. Another area that may take a hit is your grocery budget. A “considerable amount” of the food we buy at supermarkets, for example, is connected to Chinese suppliers, says Phil Lempert, a food industry analyst and editor of SupermarketGuru. The product on the shelf may not come directly from China, but Chinese companies supply ingredients used to create many food items.

The effect on consumers

JP Morgan analysts estimate the direct and indirect effect of tariffs could end up costing American families an average of $1,000 this year. That’s up from the $600 additional costs financial analysts previously predicted would hit Americans after the White House upped the tariff rate on non-consumer goods to 25% in May. While the administration could provide farmers and the agricultural industry subsidies to offset the tariffs levied earlier this year, “there is no simple way to compensate consumers,” Dubravko Lakos-Bujas, JP Morgan’s head of U.S. equity strategy, wrote in a note to clients. “The people who will be hit the hardest [by the tariffs] are poor people,” Reinsch tells CNBC Make It. Consumers with lower incomes tend to shop at budget retailers such as dollar stores and big box chains — which source a lot of products from China. And simply avoiding products with labels saying ‘Made in China’ may not help, since many items on the shelves have ingredients or parts that originated in China, even if the final product was manufactured elsewhere. It will, however, take a while for the full effect of the tariffs to kick in, Reinsch says. That’s because many of the products that will be on shelves in September and October are already in the U.S. “On Sept. 2, if you go shopping, you may not notice a big difference unless the retailer decides to take advantage of the situation and raise prices prematurely and blame it on Trump,” he says. As you get closer to Christmas, these latest tariffs on Chinese goods are likely going to “bite more,” he adds, saying budget-conscious shoppers may want to start some of their holiday shopping early to avoid paying a premium. Don’t miss: Trump increased tariffs on more Chinese products to 25%—here’s what could get more expensive Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: megan leonhardt
Keywords: news, cnbc, companies, goods, tariffs, chinese, items, impact, holiday, trump, china, shopping, trumps, christmas, administration, budget, product, products


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Here’s what new tariffs will cost the average American household

The average American household will be down $1,000 per year thanks to the newest round of tariffs on Chinese goods, according to J.P. Morgan. The firm estimates the average annual tariff cost per household will increase from $600 from the first two rounds of tariffs. This third tranche of duties affect consumer goods more than the previous levies did. Retailers’ stocks have suffered this month as the list of new tariff goods impact apparel, footwear, consumer electronics and toys. Despite the la


The average American household will be down $1,000 per year thanks to the newest round of tariffs on Chinese goods, according to J.P. Morgan. The firm estimates the average annual tariff cost per household will increase from $600 from the first two rounds of tariffs. This third tranche of duties affect consumer goods more than the previous levies did. Retailers’ stocks have suffered this month as the list of new tariff goods impact apparel, footwear, consumer electronics and toys. Despite the la
Here’s what new tariffs will cost the average American household Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, chinese, way, tariff, larger, tariffs, month, goods, impact, estimates, heres, consumer, household, average, cost, american


Here's what new tariffs will cost the average American household

The average American household will be down $1,000 per year thanks to the newest round of tariffs on Chinese goods, according to J.P. Morgan.

The firm estimates the average annual tariff cost per household will increase from $600 from the first two rounds of tariffs. The new tariffs are scheduled to begin Sept. 1 and in mid-December.

“What distinguishes China Phase III tariffs from preceding tariffs is the impact to Consumption and Capital goods whereas previous tariffs focused more on Intermediate goods,” J.P. Morgan head of U.S. equity strategy Dubravko Lakos-Bujas said in a note to clients. “This suggests that the expected consumer impact should be larger in the latest round.”

President Donald Trump surprised investors earlier this month by ending a tariff ceasefire with China and announcing new tariffs of 10% on the remaining $300 billion in Chinese imports, starting next month. He later delayed some of the tariffs until Dec. 15. This third tranche of duties affect consumer goods more than the previous levies did.

Lakos-Bujas said unlike the agriculture sector, which is receiving subsidies from the government to offset some of the tariffs, “there is no simple way to compensate consumer.”

Retailers’ stocks have suffered this month as the list of new tariff goods impact apparel, footwear, consumer electronics and toys. In announcing his delay or cancellation of some of the tariffs, Trump said he wanted to avoid hurting the Christmas shopping season.

Despite the larger tariff impact, the U.S. consumer appears strong. July retail sales grew more than expected from June and posted the strongest five-month growth streak since 2005-2006. About 70% of economic activity is tied to consumer spending.

Given the larger impact on the wallet of the U.S. consumer going in the 2020 election, Lakos-Bujas said the administration will likely rollback tariffs or compromise on a trade agreement.

“We believe there is a good chance they end up reversing their decision and finding a way to reach some common ground with Chinese negotiators,” he said.

The firm estimates that Trump’s new tariffs will cost Americans the majority of the tax break they are getting from Trump’s 2017 tax overhaul, which it estimates is around $1,300 per year.

— with reporting from CNBC’s Michael Bloom


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: maggie fitzgerald
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European stocks close higher as US delays China tariffs on phones and clothing

European stocks reversed course on Tuesday, closing higher as investors reacted to news that the U.S. has delayed additional tariffs on some Chinese imports. Meanwhile, tariffs on electronic devices like phones and laptops and certain footwear and clothing will be delayed until December 15, the government agency said. In terms of individual stocks, steel and mining giant ArcelorMittal saw its shares climb sharply following the USTR’s announcement. At the other end was Henkel, which saw its share


European stocks reversed course on Tuesday, closing higher as investors reacted to news that the U.S. has delayed additional tariffs on some Chinese imports. Meanwhile, tariffs on electronic devices like phones and laptops and certain footwear and clothing will be delayed until December 15, the government agency said. In terms of individual stocks, steel and mining giant ArcelorMittal saw its shares climb sharply following the USTR’s announcement. At the other end was Henkel, which saw its share
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Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: elliot smith
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European stocks close higher as US delays China tariffs on phones and clothing

European stocks reversed course on Tuesday, closing higher as investors reacted to news that the U.S. has delayed additional tariffs on some Chinese imports.

The pan-European Stoxx 600 closed provisionally up 0.6%. Markets had traded lower earlier in the session. Trade-sensitive sectors like autos and basic resources were among the biggest gainers.

The U.S. Trade Representative office said on Tuesday that certain items would be removed from a list of goods set to be hit with a new 10% levy, citing “health, safety, national security and other factors.”

Meanwhile, tariffs on electronic devices like phones and laptops and certain footwear and clothing will be delayed until December 15, the government agency said. Europe’s technology sector was up 1% on the news.

In terms of individual stocks, steel and mining giant ArcelorMittal saw its shares climb sharply following the USTR’s announcement. The stock was up over 5%.

SalMar was the top performer in Europe, climbing almost 7% after DNB upgraded the Norwegian fish farm company to hold from sell.

At the other end was Henkel, which saw its shares slide 7% after lowering its full-year outlook for sales and earnings on Tuesday. The German consumer goods firm blamed disappointing performance at its beauty unit and falling industrial production.

On Wall Street, stocks rose as traders digested the USTR announcement. The Dow Jones Industrial Average jumped over 400 points while the tech-heavy Nasdaq index rose nearly 2%, led by Apple which got a boost from the news since many of its major products are produced in China.


Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: elliot smith
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Goldman has a new strategy for beating the market during the trade war

The logo of Amazon can be seen on the apps on a smartphone. Goldman Sachs has a new battle plan for the trade war: Buy service-providing stocks and avoid goods-producing companies. The strategy involves buying companies such as Microsoft, Amazon, Google and J.P. Morgan Chase because the U.S.-China trade war has hurt share price and fundamentals of goods-producing companies. “Services stocks have less exposure to trade conflict given they have lower foreign input costs that might be subject to ta


The logo of Amazon can be seen on the apps on a smartphone. Goldman Sachs has a new battle plan for the trade war: Buy service-providing stocks and avoid goods-producing companies. The strategy involves buying companies such as Microsoft, Amazon, Google and J.P. Morgan Chase because the U.S.-China trade war has hurt share price and fundamentals of goods-producing companies. “Services stocks have less exposure to trade conflict given they have lower foreign input costs that might be subject to ta
Goldman has a new strategy for beating the market during the trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, strategy, market, tariffs, beating, goodsproducing, lower, china, goldman, stocks, trade, goods, imports, sachs, war


Goldman has a new strategy for beating the market during the trade war

The logo of Amazon can be seen on the apps on a smartphone.

Goldman Sachs has a new battle plan for the trade war: Buy service-providing stocks and avoid goods-producing companies.

The strategy involves buying companies such as Microsoft, Amazon, Google and J.P. Morgan Chase because the U.S.-China trade war has hurt share price and fundamentals of goods-producing companies.

“Services stocks have less exposure to trade conflict given they have lower foreign input costs that might be subject to tariffs and lower non-US sales than Goods firms,” Goldman Sachs chief U.S. equity strategist David Kostin said in a note to clients.

The trade war between the U.S. and China escalated in recent weeks after President Donald Trump’s surprise announcement of 10% tariffs on the remaining $300 billion in Chinese imports that had eluded duties. Markets had their worst day of the year on Aug. 5, after China let its currency weaken, crossing the 7 yuan-per-dollar threshold, and said it would halt imports of agricultural goods from the U.S.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: maggie fitzgerald
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GOP Sen. Rick Scott: Americans should get tax cuts in return for tariffs paid on Chinese goods

Republican Sen. Rick Scott told CNBC on Monday the U.S. government should return money collected from China tariffs to Americans as tax relief. President Donald Trump, earlier this month announced an impeding 10% tariff on the remaining $300 billion of Chinese goods that had not been previously taxed. Back In May, Trump hiked tariffs to 25% from 10% on $200 billion in Chinese goods. “We have to help American companies … and get more American jobs and stop helping China,” Scott said. “I’m not s


Republican Sen. Rick Scott told CNBC on Monday the U.S. government should return money collected from China tariffs to Americans as tax relief. President Donald Trump, earlier this month announced an impeding 10% tariff on the remaining $300 billion of Chinese goods that had not been previously taxed. Back In May, Trump hiked tariffs to 25% from 10% on $200 billion in Chinese goods. “We have to help American companies … and get more American jobs and stop helping China,” Scott said. “I’m not s
GOP Sen. Rick Scott: Americans should get tax cuts in return for tariffs paid on Chinese goods Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, tax, tariffs, american, sen, gop, scott, paid, trump, sure, tariff, stop, billion, return, trade, goods, rick, cuts


GOP Sen. Rick Scott: Americans should get tax cuts in return for tariffs paid on Chinese goods

Republican Sen. Rick Scott told CNBC on Monday the U.S. government should return money collected from China tariffs to Americans as tax relief.

“Anything we raise in tariffs, we should give back to the rank and public in tax reductions,” the Florida senator said in a “Squawk Box ” interview, acknowledging there’s been some “short-term pain.”

“We have to help American farmers open up more markets around the world,” said Scott, who did not elaborate on what such relief might look like.

Data from U.S. Customs and Border Protection, which collects taxes on imports, showed the U.S. had assessed $23.7 billion in tariffs from early 2018 through May 1. According to a Reuters report, total tariff revenue rose 73% in the first half of 2019 from a year earlier.

The trade dispute between the world’s two largest economies has been escalating in recent months, with investors fearing that it could slow global and U.S. economic growth. In fact, Goldman Sachs lowered its fourth-quarter U.S. growth forecast by 0.2% to 1.8%, with the cumulative drag on gross domestic product of 0.6%.

President Donald Trump, earlier this month announced an impeding 10% tariff on the remaining $300 billion of Chinese goods that had not been previously taxed. Back In May, Trump hiked tariffs to 25% from 10% on $200 billion in Chinese goods.

“We have to help American companies … and get more American jobs and stop helping China,” Scott said. “Stop acting like they are a partner,” adding he doesn’t see how a trade deal can be reached.

“I’m not sure what else we can do, other than stand up for American interests and American values,” he wondered. “I’m not sure what the president can do otherwise than the tariffs he is doing.”


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, tax, tariffs, american, sen, gop, scott, paid, trump, sure, tariff, stop, billion, return, trade, goods, rick, cuts


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China halting new agricultural purchases, may slap tariffs on farm goods recently bought: State media

China fires biggest warning shot yet in trade war and now it’s up…China added its currency to the weapons it is willing to use in the trade war, and it is now up to President Donald Trump to decide how much further to let the situation…Market Insiderread more


China fires biggest warning shot yet in trade war and now it’s up…China added its currency to the weapons it is willing to use in the trade war, and it is now up to President Donald Trump to decide how much further to let the situation…Market Insiderread more
China halting new agricultural purchases, may slap tariffs on farm goods recently bought: State media Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: yun li
Keywords: news, cnbc, companies, purchases, president, weapons, goods, state, situationmarket, halting, tariffs, china, farm, war, willing, shot, trade, recently, trump, upchina, slap, media, warning


China halting new agricultural purchases, may slap tariffs on farm goods recently bought: State media

China fires biggest warning shot yet in trade war and now it’s up…

China added its currency to the weapons it is willing to use in the trade war, and it is now up to President Donald Trump to decide how much further to let the situation…

Market Insider

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: yun li
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Tariff pinpricks on China trade are useless, diplomacy is a better way

Blissfully ignoring the taunts, Beijing pocketed, on Trump’s watch, $961.8 billion in net income, with technology transfers that go with it, on its American goods trade. But let’s stay with the U.S., where the question is: What can, and should, Trump do about trade with China? Making China trade a big political football during an election year is also tempting as Trump seeks to discredit his Democratic opponents. The EU’s revised trade policy toward China will create problems for some member cou


Blissfully ignoring the taunts, Beijing pocketed, on Trump’s watch, $961.8 billion in net income, with technology transfers that go with it, on its American goods trade. But let’s stay with the U.S., where the question is: What can, and should, Trump do about trade with China? Making China trade a big political football during an election year is also tempting as Trump seeks to discredit his Democratic opponents. The EU’s revised trade policy toward China will create problems for some member cou
Tariff pinpricks on China trade are useless, diplomacy is a better way Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: dr michael ivanovitch
Keywords: news, cnbc, companies, president, trade, useless, japan, american, world, pinpricks, goods, chinas, tariff, way, trump, political, better, diplomacy, china


Tariff pinpricks on China trade are useless, diplomacy is a better way

U.S. President Donald Trump attends a bilateral meeting with China’s President Xi Jinping during the G-20 leaders summit in Osaka, Japan, June 29, 2019. Kevin Lamarque | Reuters

China needs no warning shots about an old trade story. It is now more than three years since Donald Trump told a New York campaign rally that China was “upset” about his trade talk, adding, for emphasis, “They are ripping us off,” and pledging to put an end to that. What was China’s response to that taunt, repeated many times over, including in Trump’s tweets and press statements last week? Blissfully ignoring the taunts, Beijing pocketed, on Trump’s watch, $961.8 billion in net income, with technology transfers that go with it, on its American goods trade. By the end of this year, China’s net income on goods sales in U.S. markets will hit $1.1 trillion. Trump has been politically wounded and open to attacks on, arguably, the most important economic, political and security aspects of his foreign policy.

Beijing made its money

But China should hold off on the celebratory champagne. In spite of Washington’s clumsiness, or worse, the world sees the huge bilateral trade imbalance China created without much concern for political problems raised by its aggressive mercantilism. Even Germans, China’s fellow mercantilists, have moved to protect their markets and industries from Chinese traders and investors. They have now been joined by the French to fortify the European Union’s trade walls to the outside world, extending protectionist policies to partner and membership candidate countries. China has received special attention in that new policy. Chinese President Xi Jinping got an earful on that from French and German leaders during his visit to France in March of this year. But let’s stay with the U.S., where the question is: What can, and should, Trump do about trade with China? To start with, Trump should never lose sight of what his security experts told him: China is a strategic competitor and a challenge to the existing world order, also known as Pax Americana. China, of course, bristles at that characterization as an outdated “cold war,” “zero-sum-game” mentality, offering its own view of a multilateral world thriving on “win-win cooperation” and a “community of shared future for mankind.” Beijing, however, has a problem because its trade record with the U.S. shows the “win-win” mantra is, in fact, an axiomatic “I win, you lose” zero-sum-game. A “community of shared future for mankind” is a noble view of a world to strive for, but it’s too ethereal as a practical political guideline. Trump should not waste time with that. The best way to defend his trade policies is to promptly conclude agreements with the EU — essentially Germany — and Japan. That should be easy. To get around the main problem, Germany must grant reciprocal import duties on U.S. cars to benefit from an extremely friendly 2.5% tax on its car imports into the United States. Trade negotiations with Japan are apparently much more advanced. Trump should use the forthcoming G-7 meeting in France to accelerate the completion of both trade deals.

Balance US trade now

Revised trade agreements with Canada, Mexico, EU and Japan would be proof that the U.S. is not out to destroy the multinational trading system, but just to correct excessive trade imbalances created by an unfair and unfavorable treatment of American goods and services. That would put China under pressure to move faster toward a more balanced trade with the U.S. So far, Beijing has not shown much sense of urgency to do that. In the first half of this year, China’s trade surplus with the U.S. was down 10% from the same period of 2018, but it was still moving along at an annual rate of $334.1 billion on $440 billion (annual rate) of export sales to American markets. Particularly disappointing was the fact that, over the same period, Chinese purchases of American goods were down 19%, accounting for less than a quarter of what China sold to the U.S. With those trade numbers, China has become an election issue in the U.S. Indeed, Washington’s huge trade deficits with China can be taken to support Trump’s arguments of a big China rip-off, economic war on America and alleged technology thefts — all issues that resonate with the American public and audiences around the world. Making China trade a big political football during an election year is also tempting as Trump seeks to discredit his Democratic opponents. Soon, some of his trade experts could tell him that Chinese trade surpluses soared 30% during President Barack Obama’s administration. Is that where China wants to be in the U.S. election cycle? China’s position was also shaken in Europe. The EU’s revised trade policy toward China will create problems for some member countries favorably disposed toward China’s trade and investments. That could also complicate China’s Belt and Road projects linked to European destinations. Asian countries are more ambivalent. Many are welcoming China trade, but are eager to have the U.S. around as a political and security counterweight because they are unwilling to choose sides.

Investment thoughts


Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: dr michael ivanovitch
Keywords: news, cnbc, companies, president, trade, useless, japan, american, world, pinpricks, goods, chinas, tariff, way, trump, political, better, diplomacy, china


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Goldman: Here’s China’s likely next step to Trump’s new trade threat

U.S. President Donald Trump’s latest threat to slap elevated tariffs on Chinese goods will likely push Beijing to ramp up stimulus in order to shield its economy from additional harm, a Goldman Sachs strategist said on Friday. Trump on Thursday said Washington will apply 10% tariffs on $300 billion of Chinese goods starting Sept. 1. That’s in addition to the $250 billion of Chinese goods already subject to a 25% U.S. tariff — which Beijing had retaliated to by imposing elevated levies on billion


U.S. President Donald Trump’s latest threat to slap elevated tariffs on Chinese goods will likely push Beijing to ramp up stimulus in order to shield its economy from additional harm, a Goldman Sachs strategist said on Friday. Trump on Thursday said Washington will apply 10% tariffs on $300 billion of Chinese goods starting Sept. 1. That’s in addition to the $250 billion of Chinese goods already subject to a 25% U.S. tariff — which Beijing had retaliated to by imposing elevated levies on billion
Goldman: Here’s China’s likely next step to Trump’s new trade threat Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: yen nee lee
Keywords: news, cnbc, companies, threat, chinas, trade, trumps, domestic, china, moe, likely, tariffs, goldman, heres, step, goods, economy, chinese, growth


Goldman: Here's China's likely next step to Trump's new trade threat

U.S. and Chinese flags seen at the US Department of State on May 23, 2018.

U.S. President Donald Trump’s latest threat to slap elevated tariffs on Chinese goods will likely push Beijing to ramp up stimulus in order to shield its economy from additional harm, a Goldman Sachs strategist said on Friday.

Trump on Thursday said Washington will apply 10% tariffs on $300 billion of Chinese goods starting Sept. 1. That’s in addition to the $250 billion of Chinese goods already subject to a 25% U.S. tariff — which Beijing had retaliated to by imposing elevated levies on billions of dollars of American products that it imports.

The U.S. and China — the two largest economies in the world — have been engaged in a trade war over the past year which has affected investor sentiment and business confidence. With heightened uncertainties overseas, China will have to support its domestic economy to achieve its growth target of 6% to 6.5%, said Timothy Moe, co-head for Asia macro research and chief Asia Pacific equity strategy at Goldman Sachs.

China’s gross domestic product growth in the first six months of this year was 6.3%, official data showed.

“We do think that one of the actions that China would likely take … is to continue with stimulation of the domestic economy,” Moe told CNBC’s “Street Signs.”


Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: yen nee lee
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Beijing responds to Trump’s new $300 billion tariff threat

China’s foreign ministry pushed back against President Donald Trump’s latest tariff threat on Friday, reportedly saying the world’s largest economy should give up its illusions, shoulder some responsibility and come back to the right track on resolving the trade war. She added that while China did not want a trade war with the U.S., it was not afraid of fighting one. The move breaks a truce in the long-running trade war between Washington and Beijing, with investors fearful it could further disr


China’s foreign ministry pushed back against President Donald Trump’s latest tariff threat on Friday, reportedly saying the world’s largest economy should give up its illusions, shoulder some responsibility and come back to the right track on resolving the trade war. She added that while China did not want a trade war with the U.S., it was not afraid of fighting one. The move breaks a truce in the long-running trade war between Washington and Beijing, with investors fearful it could further disr
Beijing responds to Trump’s new $300 billion tariff threat Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: sam meredith
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Beijing responds to Trump's new $300 billion tariff threat

China’s foreign ministry pushed back against President Donald Trump’s latest tariff threat on Friday, reportedly saying the world’s largest economy should give up its illusions, shoulder some responsibility and come back to the right track on resolving the trade war.

China’s spokesperson at the foreign ministry, Hua Chunying, said at a daily press briefing that Beijing would have to take countermeasures if the U.S. was committed to putting more tariffs on Chinese goods, Reuters reported.

She added that while China did not want a trade war with the U.S., it was not afraid of fighting one.

In a series of tweets on Thursday, Trump announced another round of tariffs on the roughly $300 billion of Chinese goods that had not already been targeted by American levies. The charge will take effect from September 1.

The move breaks a truce in the long-running trade war between Washington and Beijing, with investors fearful it could further disrupt global supply chains.

The tariff threat also came as a surprise to financial markets, in large part because negotiators for the two sides had just met earlier this week in China.

The Dow Jones Industrial Average closed 280.85 points lower at 26,583.42 on Thursday, after rallying as much as 311 points earlier in the day.


Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: sam meredith
Keywords: news, cnbc, companies, tariff, goods, threat, billion, trade, tariffs, earlier, war, foreign, trumps, 300, points, responds, ministry, beijing


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Apple’s hit from tariffs is ‘manageable,’ buy the dip: Bank of America

Apple’s earnings face a “manageable” hit from the newly proposed tariffs, and Thursday’s sell-off makes the stock an even more attractive buy for investors, Bank of America Merrill Lynch said in a note Friday. Bank of America estimated that the impact of the tariffs will shake out to a drop of 50 cents to 75 cents per share in annualized earnings for Apple. Shares of Apple closed 2.16% lower on Thursday following the announcement of new tariffs. Bank of America has $240 price objective for the s


Apple’s earnings face a “manageable” hit from the newly proposed tariffs, and Thursday’s sell-off makes the stock an even more attractive buy for investors, Bank of America Merrill Lynch said in a note Friday. Bank of America estimated that the impact of the tariffs will shake out to a drop of 50 cents to 75 cents per share in annualized earnings for Apple. Shares of Apple closed 2.16% lower on Thursday following the announcement of new tariffs. Bank of America has $240 price objective for the s
Apple’s hit from tariffs is ‘manageable,’ buy the dip: Bank of America Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: jesse pound, jeff cox
Keywords: news, cnbc, companies, goods, buy, price, america, bank, tariffs, apple, earnings, manageable, dip, hit, shares, cents, face, stock, apples


Apple's hit from tariffs is 'manageable,' buy the dip: Bank of America

Apple’s earnings face a “manageable” hit from the newly proposed tariffs, and Thursday’s sell-off makes the stock an even more attractive buy for investors, Bank of America Merrill Lynch said in a note Friday.

President Donald Trump announced Thursday a 10% tariff on additional $300 billion of goods imported from China, effective Sept. 1. Though it is unclear exactly which goods will face these new tariffs, Apple sent a letter to U.S. Trade Representative Robert Lighthizer in June that putting tariffs on a fourth list of products worth $300 billion would include nearly all of the company’s products.

Bank of America estimated that the impact of the tariffs will shake out to a drop of 50 cents to 75 cents per share in annualized earnings for Apple.

“In the broader context of the tailwinds that AAPL has we view this as a relatively small amount over the next several quarters and would use the pullback as an especially attractive opportunity to buy shares of Apple,” the firm said.

Shares of Apple closed 2.16% lower on Thursday following the announcement of new tariffs. Bank of America has $240 price objective for the stock, representing roughly a 15% premium from its closing price on Thursday. Apple shares were down 2.5% Friday.


Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: jesse pound, jeff cox
Keywords: news, cnbc, companies, goods, buy, price, america, bank, tariffs, apple, earnings, manageable, dip, hit, shares, cents, face, stock, apples


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