Trump warns of tariffs on another $267 billion of Chinese imports

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The Trump administration has offered aid to farmers impacted by the retaliatory trade moves, which include tariffs on USA crops like soy beans.

Kudlow's comments indicated the USA is looking for a deal with China to end the trade war between the world's two biggest economies. The US imported $505 billion of Chinese products in 2017, Census Bureau figures show.

If the president follows through, the threatened tariffs and those already in place would more than cover the value of all goods the U.S. buys from China, according to U.S. government data from a year ago.

"That totally changes the equation", Mr Trump said.

An announcement on the tariffs is expected as early as Friday.

President Donald Trump said Friday he could move "very soon" to impose tariffs on an additional $200 billion in imports from China, threatening to escalate a trade fight with the world's second-largest economy.

Sherill Mosee, founder of MinkeeBlue, a Philadelphia company that makes travel and work bags, said that her four-year-old business will probably have to suspend operations if the tariffs hit and the administration starts taxing imported Chinese luggage and handbags.

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"Our concern with these tariffs is that the USA will be hardest hit, and that will result in lower US growth and competitiveness and higher prices for US consumers", Apple said in its letter.

White House Economic advisor Larry Kudlow told CNBC that talks between the US and China were ongoing. And China has vowed to hit $60bn in USA products in retaliation. "Exciting!" President Trump said, advising the tech giant over Twitter on Saturday as his motorcade drove from the White House to his Virginia golf club.

The trade war could inflict further damage if it rattles financial markets, thereby hurting business confidence and potentially discouraging investment.

China's commerce ministry vowed to retaliate if the U.S. took new trade measures against it.

"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.

In addition to its Apple Watch and its wireless Air Pods, Apple (AAPL) said tariffs would affect the Apple Pencil, HomePod and MacMini, along with adapters, cables and chargers. "We want lower (trade) barriers across the board".

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