September 10, 2018 / 12:11 PM / 2 months ago

Factbox: U.S. companies react on impact of Trump trade tariffs

(Reuters) - China’s foreign ministry said on Monday it would retaliate if U.S. President Donald Trump goes ahead with his plan of imposing tariffs on practically all Chinese imports.

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

Trump on Friday threatened additional duties on $267 billion of Chinese goods over and above planned tariffs on $200 billion worth of goods.

The following are comments made by U.S. companies after the Trump administration said on July 10 reut.rs/2m6Yu0r that it would slap tariffs on $200 billion of Chinese imports.

For a factbox on comments by U.S. companies on previous tariffs, click here reut.rs/2N2pn5x.

** Apple Inc said a “wide range” of its products including the Apple Watch would be affected by proposed U.S. tariffs on Chinese goods but gave no sign of an impact on its iPhone.

Apple said its MacMini, a low-priced computer that comes without a keyboard or mouse, would be affected. Many Apple accessories, such as mice, keyboards, chargers and even leather covers for iPhones and iPads would also face tariffs, it said.

AirPods headphones, some of Apple’s Beats headphones and its new HomePod smart speaker also face levies. Apple added that computer parts for its U.S. operations would be hit by the tariffs.

** Dell Technologies said the proposed tariffs will increase costs of vital parts and components for its U.S. services and manufacturing operations.

Dell added that the tariffs on desktops/servers, computer parts, network switches could result in “serious damage” to the company and its employees.

** Intel Corp said proposed tariffs would negatively affect U.S. businesses and “stifle advancements” in telecom infrastructure, including next generation technologies like 5G.

The company said the tariffs will raise costs for U.S.-based technology companies that manufacture ICT products such as desktop computers, laptops and servers.

** Fitness tracker maker Fitbit said increased tariffs would compromise its investments in U.S.-based innovation. The company also said tariffs on wearable products would not effectively advance the administration’s goals.

** Agilent Technologies said the increased duties would financially impede its U.S. operations and its end customers in the U.S. and abroad. It added that substantial tariff increases will limit its ability to reinvest in U.S. operations, affecting employees engaged in R&D, design, other support operations.

Agilent also said it does not believe the goods it imports are specifically covered by the “Made in China 2025” industrial policy.

** Office Depot said the tariff proposal, which covers non-household seating and furniture it sells, would lead to immense supply chain disruptions and a likely loss of jobs. Office Depot also said the tariffs would impact small- and medium-sized U.S. companies.

** Newell Brands’ units, including Goody Products and Rubbermaid Commercial Products, said tariffs on items ranging from elastic hair bands to art supplies would hurt American consumers since the tariff prices will be paid by the company and consumers.

They also said consumer goods targeted under tariffs do not come under the scope of “Made in China 2025” program.

** Mattel Inc said the proposed tariff on products such as high chairs and bath seats will result in higher prices as China supplies vast majority of these products with no alternative readily available.

Mattel also said additional tariffs could lead to job losses as the toymaking industry is already suffering from Babies ‘R’ Us/Toys ‘R’ Us closures.

** Whirlpool Corp said proposed tariffs on components from China would increase costs and create supply chain problem for U.S. manufacturers, putting them at a competitive disadvantage.

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 U.S. manufacturing.

** Carrier Transicold, a unit of Carrier Corp/United Technologies Corp, said it was concerned the proposed 10 percent additional duty on various industrial components will reduce its global competitiveness and undercut its U.S. operations.

Carrier asked USTR to exclude items including parts for refrigerators, freezers and other refrigerating or freezing equipment from the proposed tariffs.

Source link: (bit.ly/2wNSe2G)

Compiled by Arjun Panchadar in Bengaluru; editing by Patrick Graham and Anil D'Silva

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