Apple falls after Trump suggests iPhones could get hit by tariffs

28 November, 2018, 04:57 | Author: Dave Hampton
  • Apple is boosting trade-in values but only if you buy an iPhone XS or iPhone XR                  Image Apple

The US president also threatened additional tariffs on $267 billion of Chinese imports if China retaliated with its own tariffs - which it did - unless the US and China reach a new trade agreement.

Trump said this week that he is "highly unlikely" to step back on a planned increase in tariffs on $US200 billion worth of Chinese goods to 25%. Trump's comments to the Wall Street Journal that he may include Apple's signature product in another round of tariffs on Chinese imports are another blow for Chief Executive Officer Tim Cook.

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

Trump mentioned Apple's iPhones and laptops as consumer goods that might be subject to tariffs. "I mean, I can make it 10 percent, and people could stand that very easily", he said.

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Trade-related worries lifted the greenback and the dollar index, which tracks the US dollar versus the euro, yen, sterling and three other currencies, was up 0.21 per cent at 97.281.

On Monday, the president said the US did not approve of escalating violence between Russian Federation and Ukraine, but didn't specifically call out Russia's behavior. Asian markets were little changed, showing resilience despite US President Donald Trump's comments that seemed to dim hopes of a trade truce with China.

He also said he expects to move ahead with raising tariffs on $200 billion in Chinese imports to 25% from 10% now. His aides, however, have reportedly suggested that those items be exempt from the tariffs in fear of consumer reaction.

"What I'd advise is for them to build factories in the United States and to make the product here", Trump said "And they have a lot of other alternatives".

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

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.

However, in a call with analysts, Barra admitted that Trump's tariffs on imported steel and aluminium were among the "headwinds" GM faced and had cost the top USA automaker US$1 billion.

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.

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