There's good news about jobs.
Mr. Cook personally has encouraged President Trump to avoid a major trade confrontation with China, telling the president during one-on-one meetings dating back to late 2016 that it would negatively affect American companies including Apple, according to a person familiar with those meetings. "China trade war has now become even more hard to discern as both sides step up their attacks and counter-attacks", said Cornell University economist Eswar Prasad, former head of the International Monetary Fund's China division.
President Trump said Friday that he has another $267 billion in tariffs ready to slap on China, calling his testy relationship with that nation "a far bigger problem" than dealing with Russian Federation right now. The Trump administration has already imposed tariffs on US$50 billion worth of shipments from its largest trading partner, with the US$200 billion tranche expected to come soon. "There's an inescapable mutuality that serves the bring the USA and China together", said Cook.
Retailers had successfully kept high-profile consumer electronics such as cell phones and television sets off of previous tariff lists. Ordinarily, this would earn one of the lowest readings on our weekly Trump-o-meter.
The administration says eliminating the trade deficit will put the economy on a sustainable path of faster growth, an argument that has been dismissed by economists as flawed given constraints such as low productivity and slow population growth. United States stocks erased gains after his trade-war rhetoric and headed for their first weekly decline in a month.
That could come as early as next week.
On Friday, Mr Trump said there could be US$267 billion more.
President Trump's latest list of proposed tariffs on products manufactured in China would have a negative impact on some of Apple's most popular products.
"I think the president has reasonable political support among the electorate and his own base for action against China", said Scott Miller, a trade scholar at the Center for Strategic and International Studies in Washington. "I'm just beginning to grow my business".
US benchmark Treasury yields rose to their highest levels in nearly a month after the higher-than-expected increase in wages raised expectations of higher inflation.
"I'm being strong on China because I have to be", Mr Trump told reporters on board Air Force One on a flight to North Dakota. China, for its part, may be willing to endure short-term pain and see how the USA midterms turn out. Trump is "dead serious" in his determination to push China to reform its trade policies, he added. But that day may be coming.
The booming labor market and the strong economy, ironically, may be enabling risky trade policy, by propping up stocks that would be sending more alarming signals if the economy were weaker.
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