China's USA trade surplus hit record high in August

US President Donald Trump

US President Donald Trump

Earlier speculation was that those tariffs, proposed in July, would take effect in early October, though trade associations have been gearing up for the announcement to come as early as the end of this week.

The president, speaking to reporters aboard Air Force Once, said he's in the middle of reshaping America's trade policy on a number of fronts, from Canada and Mexico nearby, to China, South Korea and Japan overseas.

China's trade surplus with the United States widened to a record in August even as the country's export growth slowed slightly, an outcome that could push President Donald Trump to turn up the heat on Beijing in their cantankerous trade dispute. "That totally changes the equation".

The new $267 billion in tariffs would cover the value of all goods the Unites States buys from China, U.S. government data from past year show. 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.

Apple said the tariffs would raise the cost of its US operations and put it at a disadvantage to foreign rivals.

White House economic adviser Larry Kudlow just hours before said talks with Beijing were continuing to try to defuse the conflict, and that he was hopeful that a solution could be found. "We want lower (trade) barriers across the board".

Chinese officials acknowledged Chinese exporters have been rushing out shipments to beat new US tariffs, buoying the headline growth readings, while some companies such as steel mills are diversifying and selling more products to other countries.

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The new duties will start to hit consumer products directly, including furniture, lighting products, tires, bicycles and auto seats for babies.

Washington is demanding Beijing improve market access and intellectual property protections for US companies, cut industrial subsidies and slash a $375 billion trade gap.

The yuan sunk almost 9 percent against the US dollar from April through July, according to China's Wind Information data.

Despite several rounds of talks between US and Chinese officials, the two countries have made little progress toward resolving their differences.

Apple doesn't actually run its own factories in China, but uses contract manufacturers like Foxconn to build the iPhone and other products.

For the Trump administration, Friday began with sunny signs for the labor market before Trump's hawkish trade-war rhetoric clouded the outlook.

"These are basically fiscal subsidies to offset the negative impacts of the tariffs", said Li Yishuang, a Shanghai-based economist at China Securities Finance Co.

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