Saturday, 15 December, 2018

New Tariffs Could Hit Laptops, iPhones, Trump Says

Apple wants you to upgrade to a XS XS Max or XR Apple wants you to upgrade to a XS XS Max
| 28 November, 2018, 04:56

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.

Apple Inc fell 1.6% and led the declines in the technology sector after Trump said tariffs could also be placed on laptops and iPhones imported from China.

China aims to persuade the United States not to impose the larger tariffs, but Trump said it was "highly unlikely" he would back down.

The rate increase, from 10pc to 25pc, is due to be implemented on Jan 1.

Trump told the Wall Street Journal Monday that it's possible the US will apply new tariffs to Chinese-made consumer tech products like the iPhone.

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

When the WSJ asked if that includes handsets like the iPhone as well as notebook computers, he said "Depends on what the rate is, I can make it 10%, and people could stand that very easily". The new tariff could be either 10% or 25%, the president said. "Combined with last week's harsh report from the US trade representative, investors have only the flimsiest hope that the Trump-Xi meeting in Argentina will amount to more than a hill of soybeans".

Notably the iPhone X and iPhone SE are not eligible for this promotion
Notably the iPhone X and iPhone SE are not eligible for this

Kudlow added that if the US doesn't get "satisfactory" responses to its trade positions more tariffs will be imposed.

Analysts at National Australia Bank noted the 30 per cent drop in oil since early October would drag on US inflation in coming months, perhaps offering further reason for the Federal Reserve to go slower on tightening.

Apple stock dropped 1.6% to $171.77 in Monday's post-market session following the Journal report.

In Trump's nearly two years in office, Cook has met with him multiple times at large meetings with other technology executives and privately at the White House. Trump intends to raise existing tariffs from 10% to 25%, while also looking at other imports that don't now have tariffs imposed on them.

Additionally, Trump said that he expects to boost tariffs on $200 billion of Chinese products to 25 percent in January.

White House spokeswoman Sarah Huckabee Sanders called the trip an opportunity for the president to cement relations with other world leaders and advance a global economic system based on "free, fair and reciprocal trade".

"They have to open up China to the United States".


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