ibusinesslines.com
ibusinesslines.com December 17, 2018


Trump says he expects to raise tariffs on China

28 November 2018, 12:30 | Kelvin Horton

Apple Stock Drops as Trump Discusses Potential iPhone Tariff

At 9:39 am EDT the Dow Jones was down 171.84 points at 24,468.40 the S&P 500 was down 12.37 points at 2,661.08 and the Nasdaq was down 49.99 points at 7,031.86

On Monday, Trump said he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent and repeated his threat to impose tariffs on all remaining imports from China.

He said in the interview his tariffs could impact Apple products imported from China, including iPhones and laptops.

Trump, who is due to meet with Chinese President Xi Jinping at the G20 summit in Buenos Aires this week, said that if negotiations were unsuccessful, he would also put tariffs on the rest of Chinese imports. He also told The Journal it was "highly unlikely" that the U.S. would exit this week's G20 summit with an agreement to hold off on increasing duties already in place on Chinese goods.

Economists at the Dutch lender Rabobank said the world economy could suffer badly over the next decade if the US-China trade war escalates further, with as much as 2% of GDP growth lost by 2030.

"Until we get more clarification on the trade front, we are going to see some choppy waters", said Ryan Nauman, Market Strategist at Informa Financial Intelligence, Zephyr Cove, Nevada.

In recent months the United States and China have been engaged in rather heated negotiations regarding global trade deals, and the U.S. has leveraged tariffs in an attempt to gain the upper hand. However, in recent months, he has modified that view, saying in an interview this year that "it's not true that the iPhone is not made in the United States".


The first major casualty of the China-US trade war is getting "back into business, fast" according to the president of the United States. "Here's what the bottom line is: China has to treat us fairly".

In a separate interview published by The Wall Street Journal on Monday, Trump suggested he doesn't plan to budge on his demands of China. "I mean, I can make it 10%, and people could stand that very easily".

Following Trump's remarks, Apple stock was down almost 2 percent in after-hours trading.

Trump said that the next round of Chinese tariffs will be on consumer electronics coming in from the country.

The smartphone maker did not immediately respond to a request for comment. Apple's products are now exempt from USA tariffs. Earlier this year, Apple said products like the Apple Watch and AirPods would be affected before the US said it wouldn't impose taxes on such items.



Other News

Trending Now

Mourinho tells United to treat Young Boys clash as 'last chance'
Manchester United are in seventh place and seven points behind Chelsea FC, who occupy the final Champions League qualification spot.

Cyber Monday set to be biggest U.S. online shopping day in history
Though, if customers spend $100 on same-day delivery the week of Cyber Monday, they can get $20 off a future same-day delivery. Bed, Bath & Beyond unveiled online discounts on Sunday and Amazon also let Prime members get a head start on Sunday.

Saudi crown prince arrives in Egypt on third leg of Arab tour
And Saudi Arabia is expected to refrain from production cuts, an industry source told Reuters on Monday. Joni Ernst of Iowa said on CNN's "State of the Union" on Sunday .

Coaching Legend Mack Brown Returning to Sidelines at North Carolina
Brown seemed to be content in retirement after a very long coaching career that ended after the 2013 campaign with Texas football. Brown's two most successful seasons came in his last two years at the helm, when UNC combined for a 20-3 record.

Brexit Deal Could Mean UK Can't Trade With US
May plans to spend the next couple of weeks selling it to politicians and the British public before Parliament's vote in December. During the news conference, the prime minister said it would protect the constitutionality integrity of the United Kingdom.

Gender-reveal party explosion starts massive wildfire
Dickey, 37, immediately reported the fire and admitted to being responsible for it, according to a news release from the U.S. A shocking video, obtained by the Arizona Daily Star , shows the very moment that the deadly Sawmill Fire got started.

Wikileaks Calls for The Guardian 'Editor's Head', After Assange/Manafort Bombshell Story Breaks
Brinkema asked pointed questions of both sides and took the issue under advisement. Manafort was officially named Trump's convention manager on March 29, 2016.