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Trump Says He Expects To Raise China Tariffs

28 November, 2018, 07:14 | Author: Sara Gill
  • 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

The administration has tried to soften the impact on USA consumers, carving out tariff exemptions for consumer goods from brands like Lenovo, Apple and Huawei.

Trump said on Monday that he will likely push forward with plans to increase tariffs on US$200 billion of Chinese goods. The United States targeted $250 billion in Chinese products, and Beijing lashed back by slapping tariffs on $110 billion worth of USA goods.

The two leaders are scheduled to meet at a summit this week of the Group of 20 nations in Buenos Aires.

"Maybe. Maybe. Depends on what the rate is", the president said, referring to mobile phones and laptops.

As for China, the only "fair deal" would be for it to open the doors to U.S. competition.

He added that any potential backlash from U.S. consumers could be tempered if the tariff rate on Apple products was just 10 percent, according to the newspaper.

"If we don't make a deal, then I'm going to put the US$267 billion additional (tariffs) on", at a tariff rate of either 10% or 25%, Mr Trump told the media publication.

Cellphones and computers, among China's biggest exports to the United States, have thus far been spared as the administration has sought to minimise the impact on USA consumers. But foreign countries and firms doing business in China say they are frustrated because these promises are never carried out and that by subsidising domestic companies Beijing continues to create an uneven playing field.

'The main issue is how to settle down the trade war, ' the official said on condition of anonymity due to the sensitive nature of preparatory negotiations.

Late on Monday, though, Mr Trump warned that he was prepared to raise the stakes even higher, hitting Apple phones and laptops made in China if Mr Xi did not offer what he considered a "fair deal" with the United States on trade.

"I am conservatively optimistic that can be done", he added. Additionally, the firm sees Apple "firmly implanted in China as a core production factory and ultimately we would not see this dynamic changing in the foreseeable future".

Global stock markets edged lower on Tuesday, as the previous session's strong rally ran out of steam after U.S. President Donald Trump appeared to quash hopes of a trade truce with China at the upcoming G20 Summit.

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.

There's a potential that those lofty prices could go even higher thanks to the trade war between the United States and China that has been escalating at a rapid clip.



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