Economy

Trump Offers Tax Break to Apple to Build in US

Trump Offers Tax Break to Apple to Build in US

According to Bank of America Merrill Lynch, if Apple shifted production to the U.S.to avoid new tariffs, as Trump proposed on Twitter, U.S. consumers could be paying 20% more for their devices. On Sunday, Trump again weighed in on the company's manufacturing strategy, tweeting that the Ford Focus Active crossover "can now be BUILT IN THE U.S.A. and Ford will pay no tariffs!". "This vehicle can now be BUILT IN THE USA and Ford will pay no tariffs!".

"If the United States insists on imposing another round of tariffs on Chinese products, China will definitely take countermeasures to safeguard its legitimate rights and interests", foreign ministry spokesman Geng Shuang said. He added that he's ready to place yet another round of tariffs on $267 billion in Chinese goods after that - bringing the total imports from China subject to tariffs to more than $500 billion.

Hong Kong stocks suffered the sharpest losses, falling 1.3 percent in the morning, while Shanghai slipped 0.8 percent with news that China's surplus with the United States hit a record in August adding to concerns Trump will push ahead with the tariffs.

Ford last month cancelled plans to import its Focus Active crossover vehicle into the USA from China because Trump's tariffs have undermined the business case for a vehicle with expected annual domestic sales of fewer than 50,000 units. These tariffs could drive up costs for a host of companies that sell equipment in the U.S. market, and not just Apple.

"If Trump's trade policy is created to stop the global supply chain from functioning the way it historically has, then that's a victory for Trump's trade policy", said Claire Reade, a former assistant U.S. trade representative for China affairs, who served in the administrations of George W. Bush and Barack Obama.

Mobile phones, the biggest U.S. import from China, have so far been unaffected but would be engulfed if Mr Trump activates the $267bn tariff list.

More news: Simeone: Courtois wouldn't be a starter at Atleti as Oblak is better

We are still waiting for the "three big plants" that Trump previous year claimed Apple chief executive Tim Cook had promised to build. The Trump administration levied 25 per cent duties on US$34 billion of Chinese imports in July, including motor vehicles.

Trump, who is challenging China, Mexico, Canada and the European Union on trade issues, has now expressed displeasure about his country's large trade deficit with Japan.

Despite opposition from lawmakers at home and overseas, Trump has insisted the tariffs are necessary to secure improved trade deals. He then asked it to "start building new plants now". These tariffs have since been extended to an additional $16 billion in Chinese goods and in the near future, will be applied to another $200 billion in goods.

The retail sector has continued to feel the chill wind of changing consumer spending habits, with Debenhams share price under pressure once more, on reports that the struggling business is embarking on yet another attempt to turn the business around, appointing KPMG to look at measures to shore up its finances.

In China, labor costs for motor vehicle and parts manufacturing are about $8 per hour including benefits, but it's more than $52 per hour in the US, according to Dziczek.


  • Prince Charles Is More Obsessed With Meghan Markle Than We Are

    He's also served with the military so taking a more compliant role might have caused ego and status problems'. Meaning if you randomly sent Meghan Markle a locket that says " Suits 4EVA", chances are she didn't get it.

    Trump says response to Hurricane Maria in Puerto Rico was ‘underappreciated’

    Puerto Rico's governor last month raised the USA territory's official death toll from hurricane Maria from 64 to 2,975. He suggested disaster recovery should be a "whole community effort".
    North Carolina Issues First-of-Kind State Evacuation Order Due to Hurricane

    North Carolina Issues First-of-Kind State Evacuation Order Due to Hurricane

    More than a million and a half people have been ordered to evacuate the coastal areas in the Carolinas and Virginia. Winds may lessen, but because of that slowdown, rainfall totals will be even higher than previously forecast.
  • Artificial Intelligence Detects 72 Mysterious Radio Bursts from Space

    Using the latest machine learning techniques, the programme found the FRBs emanating from a " repeater " called FRB 121102. FRBs are typically one-time events - which makes FRB 121102 particularly interesting as it's given off hundreds of bursts.

    Syria's Idlib must not be transformed into a bloodbath — United Nations chief

    The Idlib area forms part of an arc of territory in the northwest representing the last big area held by the opposition. Kalin said Turkey expects all parties to make "constructive" contributions and agree on a political solution on Syria.
    Novak Djokovic claims US Open win was fuelled by Provence mountain hike

    Novak Djokovic claims US Open win was fuelled by Provence mountain hike

    In a tight opening set, there was only a single break point and Djokovic made it count to go up 5-3 before serving it out. He fell to the ground on the spot after a 6-3, 7-6 (7-4), 6-3 victory at Billie Jean King National Tennis Center.
  • Henry Cavill Exits As DCEU's Superman

    As you can see in the slides below, fans are pouring support for Cavill onto social media, and their tune is rather melancholic. After dying and being resurrected onscreen in the DCEU, it appears that Henry Cavill's Superman is dead again at Warner Bros.
    Sweden faces weeks of uncertainty after close election

    Sweden faces weeks of uncertainty after close election

    That was shared in Brussels. "Nationalist populism is still advancing, and it will complicate forming a government". Center-left and center-right parties have ruled together only a handful of times since the mid-1930s.

    South Carolina Shuts Down and Evacuates as Hurricane Florence Expands

    Maps of Florence's trajectory showed the center of the storm most likely to strike the southern coast of North Carolina. Tennessee, Georgia and Kentucky are also likely to feel the effects of the devastating hurricane, the NWS said.
  • Serena Williams: US Open final umpire makes interesting admission over controversy

    Serena Williams: US Open final umpire makes interesting admission over controversy

    Bring tennis into the 21st century by allowing coaching on every point, says Billie Jean King (and many others). He is still set to officiate a Davis Cup match this Friday between the USA and Croatia.
    Typhoon Mangkhut to intensify into deadly Cat 5 storm, mammoth rains likely

    Typhoon Mangkhut to intensify into deadly Cat 5 storm, mammoth rains likely

    A typhoon may bring widespread damage such as uprooted trees and damage to infrastructure, according to PAGASA's forecast. Super Typhoon Haiyan killed more than 6,300 people in the Southeast Asian country in 2013.
    'Supergirl' to Be DC's New Focus as Henry Cavill Exits 'Superman'

    'Supergirl' to Be DC's New Focus as Henry Cavill Exits 'Superman'

    Though far from a box-office bomb, it wasn't the Avengers-sized hit Warner Bros were hoping for. Following Man of Steel , Batman v.