Trump says China tariff rates very likely to rise

28 November, 2018, 08:59 | Author: Gerard Cortez
  • The iPhone X and XS. Apple is restarting production of the X and cutting orders for components of the XS for a second time

Apple Inc fell 2.0 percent in premarket trading after Trump said that tariffs could also be placed on laptops and iPhones imported from China. Trump also said it was "highly unlikely" he would accede to Chinese requests to not institute additional tariffs.

The Federal Reserve should be even more attentive to new economic data as its gradual interest-rate hikes edge it ever closer to a neutral stance, Federal Reserve Vice Chair Richard Clarida said on Tuesday. He said it was "highly unlikely" he would accept China's request to hold off on the increase, planned for January 1.

Speaking to the Wall Street Journal, Trump said that the only deal he would take from China would be to open up to U.S. competition.

Trump's threat of broader tariffs comes ahead of this week's G20 summit in Argentina where he's expected to meet with Chinese president Xi Jinping.

"People want to believe that something good is going to come from the G20" meeting, said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in NY.

"The only deal that would be really acceptable to me.would be China has to open up their country to competition from the United States", the president told the newspaper.

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"We're going to make a great deal with China and everybody hopefully will be very happy, including China".

"Perhaps we can break through in Buenos Aires or not", he said.

If Trump decides to impose the new tariffs, the total amount of taxes on goods from China would be up to $517bn. Beijing responded by slapping $50 billion of USA products with additional levies before Trump escalated the trade dispute further by adding taxes to another $200 billion in Chinese products. Since then, communications have picked up between the two sides, said Kudlow.

What's the endgame in the US-China trade war?

Asked point-blank if he can count on Trump, Poroshenko answered diplomatically: "This is the worldwide obligation of the United States". Once the chain is broken, the United States would be affected too'.

The World Trade Organisation has revealed tariff measures imposed by G20 countries have reached record highs and now cover $481 billion worth of global trade. What would the United States do?' Xu told a small group of reporters in Beijing on Tuesday, adding that China accounts for at least half of the market for many US listed companies.

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