February 16, 2019

Trump talks tough to China before G20 meeting

28 November 2018, 12:31 | Joann Bryant

Trump says he expects to raise tariffs on US$200b of Chinese imports to 25%

Apple Stock Drops as Trump Discusses Potential iPhone Tariff

"The only deal would be China has to open up their country to competition from the United States", he told the WSJ. "As far as other countries are concerned, that's up to them".

USA stocks declined on Tuesday after President Donald Trump's threat to move ahead with additional tariffs on Chinese goods dampened hopes of resolving the trade spat at the upcoming G20 Summit.

China's President Xi Jinping speaks next to President Donald Trump during a business leaders event at the Great Hall of the People, in Beijing, on November 9, 2017.Since summer, trade tensions have simmered between Washington and Beijing as Trump first announced $50 billion in additional tariffs on Chinese products.

Sterling was weaker across the board after Trump said on Monday the agreement allowing the United Kingdom to leave the European Union may make trade between Washington and London more hard. "I am conservatively optimistic that can be done", he added.

The trade-sensitive industrial sector .SPLRCI fell 0.97 percent, with Boeing Co BA.N , the single largest USA exporter to China, down 0.4 percent and Caterpillar Inc CAT.N 1.3 percent.

"We can buy from Japan and South Korea or develop our own".

"They have to open up China to the United States". Some components, like the smartphone's glass cover, are manufactured in the USA and shipped for assembly in China.

Technology controls would also be a double-edged sword, so in the long term it would not be a win-win situation, but a lose-lose one, Xu said.

He also said that "Apple could ultimately mitigate any tariff impacts" if Trump goes ahead with the plan. "Here's what the bottom line is: China has to treat us fairly".

The Wall Street Journal said the administration has been anxious about a consumer reaction to such levies.

"The market remains in a fragile state and because of that anytime tariffs come into the picture you have worries", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.

While the Trump Administration is worrying about consumer reaction, Donald Trump suggested a 10% increase of the price wont change much and “people could stand that very easily”. An Apple spokesman did not immediately respond to Reuters' queries.

Wall Street's main indexes swung between gains and losses during the session, but are now off their session lows with Apple Inc AAPL.O paring losses and chipmakers turning positive. Trump argues that China has been unfair in its trade practices.

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