US Could Tariff iPhones and Laptops Imported from China

Jeannie Matthews
November 28, 2018

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.

"Donald Trump's renewed tariff threats against China have magnetized investors to the U.S. Dollar", Lukman Otunuga, a research analyst at broker FXTM, said in a note.

In an interview with The Wall Street Journal published after the market close, Trump said he expects to go ahead with raising the tariff on $200 billion of imported Chinese goods to 25% from the 10% level instituted in late September. Trump didn't discuss dedicated gaming hardware specifically, but he did comment on the potential for a hike in iPhone prices. The United States targeted $250 billion in Chinese products, and Beijing lashed back by slapping tariffs on $110 billion worth of USA goods. Can the same be said for video game consoles? "I mean, I can make it 10%, and people could stand that very easily".

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.

Trump also said it was "highly unlikely" he would accede to Chinese requests to not institute additional tariffs. Ultimately, the US President advised companies willing to avoid tariffs should “build factories in the United States”.

"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.

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In his early years running Apple, Cook would respond to questions about increasing manufacturing in the U.S.by saying the skill sets in China are more conducive to producing the company's products.

After repeated attempts by various USA and Chinese officials, China watcher and Sinocism newsletter author Bill Bishop tweeted that the talks could in fact do serious damage.

USA companies are set to bear the biggest losses should American president Donald Trump proceed with a 10 per cent tariff on laptops and smartphones made in China.

Apple's stock price closed official trading up 1.4% amid a rebound in beaten-down tech stocks.

"The upcoming meeting between Trump and Xi is pivotal going into the year-end and for the outlook for global growth, which has shown signs of slowing", said Lee Hardman, a currency analyst at MUFG in London.

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