This is what the South China Morning Post reported about Apple in early February this year: "The world's most valuable company reported on Thursday in the United States an 11% increase in its combined fiscal first-quarter revenue from mainland China, Hong Kong and Taiwan to US$17.9 billion, up from US$16.2 billion in the same period a year ago".
Treasury Secretary Steven Mnuchin tweeted the report was "fake news", saying the statement was not specific to China, but all countries who are tying to steal United States technology. In late May, the USA announced new tariffs of up to 25 percent on steel and aluminum imports from allies Mexico, Canada and the EU.
"The only thing that's going to happen in the near term is on Friday the Treasury secretary is going to report to the president on the issue related to China".
For weeks, the administration has been planning a two-pronged effort to block Chinese companies from obtaining advanced USA technology.
Harley-Davidson fell 6 percent after it said it will start building some motorcycles bound for Europe in factories overseas in response to tariffs by the EU. Among big US movers, Intel Corp. fell 3.4 per cent, Visa Inc. fell 3.2 per cent and Boeing Co. fell 2.2 per cent.
USA technology stocks were worst hit.
It also said it would unveil a revised list of Chinese goods for tariffs, which it did on June 15.
China and the European Union firmly oppose trade unilateralism and protectionism and think these actions may bring recession and turbulence to the global economy, says Chinese vice premier Liu He. Goods assembled and exported in one country often depend on components manufactured in another, after being designed in yet a third country, making the national trade deficit focused on by President Trump an unreliable guide.
But trade policy advisor Navarro, the administration's harshest China critic, has advocated a far more confrontational approach with Beijing.
"The trade war keeps opening up on new fronts", Sal Guatieri, an economist at BMO Nesbitt Burns, said in a note.
"China trade is cooperation in investment", Geng said at a press briefing.
The government official said the Treasury would invoke the International Emergency Economic Powers Act of 1977 (IEEPA) to devise the restrictions.
Spokespersons for the Treasury, Commerce Department and the White House did not immediately respond to Reuters' requests for comment on the proposed restrictions.