Trump tells Apple to make products in US to avoid China tariffs

In this file photo taken on September 22, 2017 an Apple logo is seen on the outside of an Apple store in San Francisco, California. (AFP)
Updated 09 September 2018
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Trump tells Apple to make products in US to avoid China tariffs

  • The Trump administration has placed punitive tariffs on $50 billion in Chinese goods and threatened to tax all Chinese imports to the United States
  • US businesses have become increasingly concerned about the tariffs, which are raising prices for manufacturers and could hurt the economy

WASHINGTON: US President Trump tweeted on Saturday that Apple Inc. should make products inside the United States if it wants to avoid tariffs on Chinese imports.
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.
Trump, speaking on Friday aboard Air Force One, said the administration had tariffs planned for an additional $267 billion worth of Chinese goods.
Trump tweeted that “Apple prices may increase because of the massive Tariffs we may be imposing on China — but there is an easy solution where there would be ZERO tax, and indeed a tax incentive. Make your products in the United States instead of China. Start building new plants now.”
Apple declined to comment.
The technology sector is among the biggest potential losers as tariffs would make imported computer parts more expensive. Apple’s AirPods headphones, some of its Beats headphones and its new HomePod smart speaker would also face levies.
“The burden of the proposed tariffs will fall much more heavily on the United States than on China,” Apple said in its letter.


Saudi Aramco Trading aims for 50% rise in oil trade volume in 2020

Updated 3 min 39 sec ago
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Saudi Aramco Trading aims for 50% rise in oil trade volume in 2020

  • About 50 percent of the 2.5 million bpd of oil products it trades currently are hedged
  • The company is also looking at building its capacity in trading liquefied natural gas

SINGAPORE: Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.

"Currently ... we're at 4 million barrels per day and with expansion I think our target is 6 million barrels per day," President and Chief Executive Ibrahim Al-Buainain said at the Asia Pacific Petroleum Conference (APPEC).

About 50 percent of the 2.5 million bpd of oil products it trades currently are hedged, he said.

The company is also looking at building its capacity in trading liquefied natural gas (LNG), using its Singapore office as a trading hub, Buainain said.

ATC plans to set up its European office in either Geneva or London and also aims to have an office in Fujairah to manage oil storage, he said.

In Singapore, Buainain said he expects the company's office to grow to 30 to 40 people within the next two years.

ATC also expected to benefit from a switch by ships to cleaner fuels in 2020 as mandated by the International Maritime Organization.

"The second-hand effect of the IMO is the oversupply of high-sulphur fuel oil (HSFO) which in our case is a positive because we are net short on fuel oil and that will help us in meeting our requirements (for HSFO) in power generation," Buainain said.

Buainain has headed the trading arm of Saudi Aramco since 2016.

ATC was set up in 2012 to market refined products, base oils and bulk petrochemicals. It started trading non-Saudi crude oil and refined products from its overseas refineries in the past years as the world's largest oil exporter seeks to optimise profits.