IPhone buyers could 'very easily' stand paying 10% more with China tariff

IPhone buyers could 'very easily' stand paying 10% more with China tariff

The comments ran counter to recent speculation about a possible deal when Trump meets with Chinese President Xi Jinping at the G20 summit in Buenos Aires later this week.

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%.

US President Donald Trump has told the Wall Street Journal that the US may proceed with new tariffs on consumer tech made in China, including the iPhone.

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

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He also said that he would introduce tariffs on additional goods if the countries do not reach a position that is favourable to the US. "I mean, I can make it 10 per cent, and people could stand that very easily".

The shares, which have lost about a fifth of their value in a tech market rout since October, were down 1.5 percent to $172.02 (U.S.) Tuesday morning in NY.

According to The Wall Street Journal, if negotiations dont produce a favorable outcome for the USA, additional goods for $200 billion, will be slapped with up to 25% tariffs, including consumer electronics by Apple and other products manufactured in China.

Trump had promised Cook that he would not place tariffs on Apple products, the New York Times reported in June, and Apple devices missed the first round of tariffs applied by the Trump administration in September, but the company's luck might not hold.

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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.

Trade-related worries lifted the greenback and the dollar index, which tracks the USA dollar versus the euro, yen, sterling and three other currencies, was up 0.21 per cent at 97.281. "Combined with last week's harsh report from the U.S. trade representative, investors have only the flimsiest hope that the Trump-Xi meeting in Argentina will amount to more than a hill of soybeans". "If we don't make a deal, then I'm going to put the$267 billion additional (tariffs) on".

Oil prices remained weak, while the US dollar, which has benefited from safe-haven flows this year amid increased uncertainty over global trade, rose against its peers.

"They have to open up China to the United States".

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