Trump Tells Apple to Make Products in USA to Avoid China Tariffs

Trump: Apple could be tax free if it makes products in the US

In a public letter to the government, Apple highlighted how the latest $200 billion worth of tariffs would "ultimately show up as a tax on US consumers, [and] they will increase the cost of Apple products that our customers have come to rely on in their daily lives".

The trade surplus hit $31.05 billion in August and it continues to add fuel to the already heating up trade rhetoric between the USA and China.

Ford said last month that it was scrapping its plans to import Focus Actives made in China to sell in the United States because Trump's tariffs would make the cars too expensive.

Asian shares started the week in the red on Monday, faltering for the eighth straight day while the dollar climbed as U.S. President Donald Trump raised the stakes in the heated trade dispute with China. The euro was up 0.1 percent against the dollar at $1.1566 after falling more than half a percent on Friday following the U.S.jobs data.

The strong employment report boosted the dollar, which held on to Friday's gains at 95.43.

But Tokyo and Seoul both ended 0.3 percent higher.

He pointed to the latest fall in China's currency, the yuan, which is now down nearly 9 percent versus the dollar since April.

Then, after Trump started threatening his new tariffs against China, Ford decided in August that it wouldn't sell the Focus Active in the US after all.

The tariffs, ranging from 5% to 25%, would apply to 5,207 products, and U.S. actions will determine whether China adopts the additional duties, Beijing said at the time.

Chinese shares were battered with the blue-chip index off 1.4 percent.

Trump, who is challenging China, Mexico, Canada and the European Union on trade issues, has also expressed displeasure about the large USA trade deficit with Japan. It's not a seller's market, but it's also not a buyer's market.

The president's comments Friday added to the uncertainty on trading floors, which have also been hit by concerns of a brewing financial crisis in emerging markets.

The greenback has already rallied against a number of emerging markets units - with India's rupee at record lows and the Indonesian rupiah at a 20-year trough - on fears that economic crises in Argentina, South Africa and Turkey could spread globally.

In commodities, oil prices were firmer after three straight days of losses, with US crude futures up 44 cents at $68.20 per barrel. Spot gold was lower at $1,193.01.

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