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A new report Friday finds tariffs on Chinese technology goods proposed by the U.S. could end up costing American consumers up to $3.2 billion per year.
The forecast by the Consumer Technology Association (CTA) finds American consumers would pay between about 3 - 6 percent more for tech products like speakers, headphones, and smartwatches, even if the products were not produced in China. Prices would rise between 8.5 and 22 percent for products with components imported from China.
In July, U.S. President Donald Trump imposed tariffs on $34 billion worth of goods imported from China. By the end of August, tariffs are scheduled to begin on another $16 billion worth of Chinese imports. Late last month, Trump said on CNBC he would be willing to collect tariffs on all Chinese imports, which accounts for some $505 billion worth of goods.
“With the economy thriving under President Trump – we’ve seen remarkably low unemployment and a booming stock market – the administration shouldn’t jeopardize America’s global standing with tariffs,” CTA president Gary Shapiro said in a statement. “Foreign governments don’t pay the cost of tariffs, Americans do – and for that reason, U.S. trade policy needs to steer clear of tariffs that act like taxes on American manufacturers and consumers.”
One proposal from the White House sets tariffs on printed circuit assemblies and connected devices at 10 percent – CTA says that would cost the American economy about $520.8 million per year. Tariffs at 25 percent, which have also been discussed by Trump officials, would cost the economy $2.4 billion annually.
Tech components targeted by Trump are crucial for the manufacture of items ranging from broadband modems to wireless headphones.
“The danger we face – the unintended consequence – is that tariffs mean Americans will pay more for all the devices they use every day to access the internet,” Shapiro added.
A proposal by two Chinese researchers to force couples with fewer than two children to pay into a "procreation fund" backfired on Friday, with critics calling it a "thoughtless" and "absurd" way to battle the problem of an ageing population.Since 2016, China has allowed urban couples to have two children, replacing a decades-old one-child policy blamed for falling birth rates and a greying society, but the changes have not ushered in the hoped-for baby boom.Births in mainland China fell by 3.5 percent last year due to fewer women of fertile age and the growing number of people delaying marriage and pregnancy.But the suggestion of a fund to subsidise large families, out of annual contributions from people younger than 40 who have fewer than two children, or none, was widely panned."I'm really upset by its stupidity," 21-year-old Ranny Lou responded to the suggestion of the procreation fund after it went viral on social media."Shall we hoard condoms and contraceptive pills now to profit when the government imposes curbs on purchasing these things in the future?"Two researchers at a state-backed institute suggested the fund, as they looked for ways to counter the "precipitous fall" they anticipate in the birth rate in the next two to three years.Until withdrawn on retirement of the contributor, or on the birth of a second child, the contributions will subsidise other families with more babies."The consequences of this trend of couples having fewer children will be very serious," the researchers from the Yangtze River Industrial Economic Research Institute wrote.State television took aim at the researchers' proposal, published on Tuesday in the Xinhua Daily newspaper of the Communist Party in Jiangsu province, calling it "absurd" and "unbelievable"."We can encourage people to have more babies through propaganda and policy incentives, but we can't punish families which opt to be childless or have fewer children in the name of creating a 'procreation fund'," CCTV said on its website on Friday.Policymakers must offer tax cuts, incentives and greater public spending to allay young people's concerns about the high cost of child rearing, CCTV added.Authorities in some regions and cities have in recent months rolled out longer maternity leave and more subsidies for mothers bearing a second child.But some critics worry the improved benefits will worsen deep-rooted discrimination against women at work as companies frown at rising costs. 
China think tank slammed for "procreation fund" idea
China’s Foreign Ministry on Friday said Turkey was capable of dealing with "temporary economic difficulties".“Turkey's stability and development are conducive to regional peace and stability,” Foreign Ministry spokesman Lu Kang said in a statement."China believes that Turkey has the ability to overcome temporary economic difficulties and hopes that all parties concerned will resolve their differences through dialogue,” Lu said.Albayrak says Turkey will come out of volatility strongerBeijing always pays importance to China-Turkey cooperation in the fields of economy, trade and finance, he added.Relations between Ankara and Washington have been rocky since Aug. 1, when the U.S. imposed sanctions on two Turkish government ministers after Turkey refused to release an American pastor facing terrorism-related charges.Last week, U.S. President Donald Trump upped the ante by doubling U.S. tariffs on Turkish aluminum and steel imports.In response, Turkey raised tariffs on several U.S.-made goods, including alcohol and tobacco products and vehicles.China ploughs $144 bln into shantytown redevelopment so far in 2018
China believes Turkey can overcome temporary economic difficulties
White House economic advisor Larry Kudlow confirmed Thursday that trade talks between the U.S. and China will resume later this month."Sometimes talks can produce better outcomes than expected,” Kudlow told CNBC in an interview. “Let's just see what happens.”He said talks will be low-level and the Under Secretary of the Treasury Department for international affairs will act as lead.The U.S. and China last held talks about trade relations and tariffs in May.US warns Manila not to buy Russian military equipmentEconomic relations between the world's two largest economies strained after U.S. President Donald Trump announced in March the imposition of tariffs on steel and aluminum imports.The U.S. began imposing $34 billion tariffs on imports of Chinese goods in July, which was immediately matched by Beijing.An additional $16 billion U.S. tariffs on China are scheduled to take effect next Thursday.US cannot see who its true friend is: Turkish FMTrump, however, told CNBC late last month that he is ready to increase tariffs on Chinese goods to $500 billion.The U.S. imported $505 billion in Chinese goods in 2017, while China imported $130 billion in American products, according to the Commerce Department.After confirming the resume of trade talks, the three major indexes on Wall Street extended their daily gains.The Dow Jones climbed to 25,594 points with 1.7 percent gain, while SP 500 reached 2,850 points with a 1.1 percent rise.The Nasdaq was up 1 percent to as high as 7,849 points.The Chinese yuan also gained 0.76 percent against the dollar on hopes trade talks would produce positive results.
White House confirms US, China trade talks to resume
China has invested 990 billion yuan ($143.63 billion) for a massive urban redevelopment project in the first seven months of 2018, the housing ministry said on Thursday.China's central bank has injected hundreds of billions of dollars into such shantytown redevelopment projects (SRP) through the Pledged Supplementary Lending (PSL) programme, which has been largely used for cash compensation to residents whose homes are demolished.The policy helped boost home sales and prices in smaller cities that struggled for years with a glut of unsold homes, playing a key role in reviving economic growth since 2015.Led by gains in smaller cities, China's new home prices accelerated at their fastest pace in almost two years in July, defying persistent government curbs.Turkey, China are neighbors and partners, says envoyIn 2017, China poured a record 1.84 trillion yuan ($278.21 billion) into the project, with new construction started on over six million homes that year, official data showed. The government is aiming to build another 5.8 million homes in 2018.China's shantytown spending so far this year is roughly equal to the market value of video streaming giant Netflix Inc.The housing ministry, in a statement on Thursday, said construction work began on 4.07 million homes in the first seven months this year.But ballooning property bubbles and hidden local debt risks as a result of credit stimulus from the project have sounded alarm bells for China's top leaders. The housing ministry said in July it will restrict subsidies for new shantytown development projects to cities with hot property markets.China rebuffs Philippines president's South China Seas rebukeIn late June, Reuters reported that China Development Bank (CDB) had halted funding for new shantytown redevelopment projects, and transferred approval authority from its local branches back to the policy bank's headquarters, in a sign of tighter scrutiny over the project.While Beijing is seen to significantly reduce the size of the project especially in low-tier cities in the future, it may be hesitant to dial back support too quickly amid a slowing economy.Economists at Nomura, in a note this week, said they believe that in the short term, Beijing will maintain a normal pace for financing all renovation projects "given the strong headwinds to China's economy".
China ploughs $144 bln into shantytown redevelopment so far in 2018