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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
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.
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.
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