Apple Stock Drops as Trump Discusses Potential iPhone Tariff

Apple wants you to upgrade to a XS XS Max or XR

Apple wants you to upgrade to a XS XS Max

In an interview with the Wall Street Journal, Trump said he expects to raise tariffs on $200 billion in Chinese imports to 25 per cent from 10 per cent now.

"If we don't make a deal, then I'm going to put the $200 - and it's really $67 - billion additional on at an interest rate between 10 and 25 depending", he said.

Mr Trump said that the next round of tariffs could be on goods which are not yet hit by tariffs, such as laptops and Apple iPhones imported from China.

Trump and Xi are scheduled to meet this week at the Group of 20 (G20) summit in Argentina, where they are supposed to discuss, among other issues, the ongoing trade war between the world's two biggest economies.

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

In an interview with the Wall Street Journal, Trump said it was "highly unlikely" he would accept China's request to hold off on the increase, which is due to take effect on January 1.

Approximately half of all Chinese imports to the U.S. have been subject to a 10 percent tariff since September, but if upcoming trade negotiations between the U.S. and China don't work out, the tariffs could be expanded to all imported goods from China.

"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.

Trump's advice to all businesses that manufacture is to "build factories in the United States and to make the product here".

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USA stocks dipped in choppy trading on Tuesday after President Donald Trump's threat to move ahead with additional tariffs on Chinese goods weighed on industrial stocks.

On the macro front, a report from the U.S. Conference Board at 10:00 a.m. ET is expected to show that its consumer confidence index slipped to 135.9 in November from a reading of 137.9 in the prior month. "I mean, I can make it 10 per cent, and people could stand that very easily". 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.

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

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Apple Inc shares fell in after-hours trading after the interview was published.

The smartphone maker did not immediately respond to a request for comment. Ultimately, the US President advised companies willing to avoid tariffs should “build factories in the United States”.

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