FedEx CEO lashes out against tariffs and trade war

Smart watches and Bluetooth devices were removed from the tariff list, along with bicycle helmets, high chairs, children's vehicle seats, playpens and certain industrial chemicals. It appealed for "pragmatic dialogue" to "jointly safeguard the principle of free trade and the multilateral trading system".

In a victory for Apple and its USA customers, smart watches and some other consumer electronics products were removed from the latest list. The levies will climb to 25 percent beginning January 1, 2019.

"The Chinese side reiterates that the aim of imposing these tariffs is to prevent trade frictions from escalating and it is a measure of last resort against American unilateralism and trade protectionism", the Chinese state television report said. China only imports around $130bn from America, meaning it can't simply announce a tit-for-tat retaliation.

A senior Trump administration official told reporters that the United States was open to further talks with Beijing, but offered no immediate details on when any new meetings may occur.

The announcement was on the same day of the unofficial Chinese National Humiliation Day, commemorating the events that preceded the Japanese invasion of northeastern China in 1931, which turned Manchuria into Tokyo's satellite city.

"President Trump is a hard-hitting businessman, and he tries to put pressure on China so he can get concessions from our negotiations".

While the tariffs will affect a multitude of industries, Apple fans (and a certain white-haired CEO) have been concerned about what Trump's trade war would do to the price (and desirability) of Apple products.

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What do Trump and Apple want from each other, anyway?

If China retaliates, Trump threatened Monday to add a further $267 billion in Chinese imports to the target list. That would raise the total affected by USA penalties to $517 billion, covering almost everything China sells to the United States.

"China's scope to retaliate is surprisingly limited however, especially since the outbreak of swine flu, which will anyway push up CPI inflation", Beamish said, referring to the deadly swine fever strain that is seen impacting Chinese pork prices. "No one will emerge victorious from this counter-productive cycle". It may also cancel planned trade talks in Washington next week as a result of the latest move by Washington, according to a government source.

Financial journalists have speculated that China may seek to exact pain on the United States through means other than tariffs, such as by harassing USA companies doing business in China, disrupting supply chains for American companies that originate in China, or causing mischief with, for instance, attempts by the United States to negotiate with North Korea over its nuclear arsenal.

Could Trump's China tariffs make IT more expensive for businesses?

Lillian Li, vice-president credit strategy and standards at Moody's Investors Service, said the new tariffs marked a "major escalation" in the US-China trade war, affecting about 6,000 products and a greater amount of consumer goods than past rounds. And in a victory for Apple Inc., the administration removed smart watches and some other consumer electronics products.

"Once again, I urge China's leaders to take swift action to end their country's unfair trade practices", Trump said.

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