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Apple facing 10% increase in products price ahead of US-China summit

28 November, 2018, 05:00 | Author: Kristi Dunn
  • Apple Stock Drops as Trump Discusses Potential iPhone Tariff

The chances that President Donald Trump and Chinese President Xi Jinping will strike a deal to resolve their escalating trade war are looking increasingly poor.

In an interview with The Wall Street Journal, Trump said that if negotiations did not produce a favourable outcome for the United States, he would also put tariffs on the rest of Chinese imports that are now not subject to duties.

The rate increase, from 10pc to 25pc, is due to be implemented on Jan 1. In an interview with The Wall Street Journal, Trump said he's not afraid to slap duties on consumer goods like iPhones.

Asian markets are tested today (November 27, 2018) after US President Trump has dealt a blow on coming to terms with China over conflicting trade issues.

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

"Although the current economic situation in the U.S.is good, people can not rule out the possibility of another-I don't want to use the word "crisis"-a similar situation as what happened 10 years ago", he warned". The president said the tariffs rate could be 10 percent or 25 percent.

Obama administration used tear gas at border once a month
A migrant mother who was trying to illegally enter the United States while scaling a border fence fell off and was impaled. Border Patrol authorities used tear gas on Sunday to repel a crowd of caravan migrants who rushed toward the border.

Separately, Trump told the Wall Street Journal that he expected to move ahead with raising tariffs on $200bn in Chinese imports to 25pc from 10pc now.

He added that any potential backlash from United States consumers could be tempered if the tariff rate on Apple products was just 10 percent, according to the newspaper. Trump on several occasions has suggested that Apple should bring iPhone manufacturing to the U.S. "They haven't been. They have to treat us fairly", Trump told reporters at the White House. In 2017, the US bought more than $522 billion worth of goods from China.

Trump is considering widening the tariffs on Chinese-made imports to the U.S., which could mean new duties on Apple products of between 10 and 25 percent.

Asian shares battled to extend a global rebound today after US President Donald Trump seemed to quash hopes of a trade truce with China, dampening risk appetite across the region.

"If we don't make a deal, then I'm going to put the $267bn additional on", he told the newspaper, referring to the remainder of Chinese imports which so far have not been hit with tariffs.

The Trump administration has blasted Moscow's latest actions in Ukraine, a former Soviet republic, but the president himself has given a far lower key response.

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