Despite Trump tweet, Ford says it won’t make hatchback in US

Despite Trump tweet, Ford says it won’t make hatchback in US

Despite Trump tweet, Ford says it won’t make hatchback in US

Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China September 7, 2018.

The company said in its filing to the US Trade Representative that the administration's proposed United States dollars 200 billion in tariffs would "divert our resources and disadvantage Apple compared to foreign competitors" and lead to higher "consumer prices, lower overall US economic growth, and other unintended economic consequences". The Trump administration levied 25 per cent duties on US$34 billion of Chinese imports in July, including motor vehicles.

The decision to proceed with tariffs on US$200 billion of Chinese imports dismayed US business figures, industry associations and trade experts, thousands of whom recently provided testimony to the US Trade Representative's Office, warning the government of the damage they would cause for small- and medium-sized businesses and their consumers.

Apple said its MacMini, a low-cost computer that comes without a keyboard or mouse, would be affected.

Apple itself has already said which products would be hit as a result of the tariffs.

Ford promptly shot down such a prospect, responding that "it would not be profitable" for the company to build the vehicle in the USA because of the relatively low sales volume it has forecast.

If the prospect of USA companies being harmed isn't enough to stop tariffs escalating, nothing short of total capitulation by America's trade partners will.

In the event of an all-out trade war, China could be hit harder by a change in market sentiment than a direct impact from tariffs, the PBOC's Zhou said in an interview with Bloomberg Television. The company supplies acoustic components and haptic technology which enables users to receive tactile sensations from an interface for Apple products such as the iPhone, iPad and Apple Watch.

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Congressional Republicans plan to unveil another round of tax cuts this week ahead of the November 6 elections, helping support USA equities.

With Ford joining Apple in criticizing President Trump's tariffs, the pressure on the administration to back down and de-escalate the trade war is perhaps greater than ever.

Agilent Technologies said the increased duties would financially impede its USA operations and its end customers in the US and overseas. "The days of the USA being ripped-off by other nations is OVER!"

Office Depot said the tariff proposal, which covers non-household seating and furniture it sells, would lead to huge supply chain disruptions and a likely loss of jobs.

The company told trade officials in a letter on Friday that the proposed tariffs would affect prices for a "wide range" of Apple products, including its Watch, but it did not mention the iPhone. He also said the European Union's offer to drop auto tariffs is inadequate amid talks with that region.

Investors are concerned that additional tariffs, especially if they are met with retaliatory actions, could raise consumer prices and stall economic growth. Faster US economic growth also pushed up demand, Gai said. In the article, a Ford official said it would have been a "niche vehicle" in U.S. markets, and will not cost jobs or hurt sales.

The company said the administration should remove "critical components" such as parts of refrigerators and mixers from the proposed list and add finished products such as dishwashers to mitigate negative impact on US manufacturing. "It is less than half a percent impact to the Chinese economy", he said.

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