Asia markets tested by Trump warning on China

Apple Stock Drops as Trump Discusses Potential iPhone Tariff

Apple Stock Drops as Trump Discusses Potential iPhone Tariff

If negotiations were unsuccessful, Mr Trump said he would also move ahead with plans to target additional Chinese goods with tariffs.

"His comments reflect how little progress has been made in trade talks so far and highlights the low probability for any deal to be agreed with China's president Xi [Jinping] when the two presidents meet at this week's Group of 20 [G20] summit", said London Capital Group analyst Jasper Lawler.

While he said that these connected handsets could be subject to a 10% or 25% tax, Trump also stated that the American public could afford a 10% tariff placed on the Apple iPhone. -China trade relations, tariffs are not the best way to resolve them. Trump has apparently not yet decided whether this new tariff will be 10% or 25%, but when asked about potential backlash, he indicated that consumers would "very easily" accept a 10% increase on phone prices.

The president told the Wall Street Journal that if his meeting with Xi doesn't have a positive outcome, he will raise tariffs on all remaining imported goods from China.

"The market remains in a fragile state and because of that anytime tariffs come into the picture you have worries", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY. In 2017, China accounted for 61.6% of electronics imports into the USA, far exceeding South Korea's 4.5%, according to data from trade intelligence tracker PIERS.

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"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. 'I am conservatively optimistic that can be done, ' he added.

Treasury yields fell on Tuesday afternoon after $40 billion of new five-year notes were sold to strong demand and on resurgent worries about U.S.

In September, Apple won a reprieve from the initial 10% tariff on some of the company's products-including the Apple Watch, Apple Pencil, and AirPods-after the company wrote a letter to United States Trade Representative that said the action would increase prices for USA consumers.

'We can buy from Japan and South Korea or develop our own. The vast majority of iPhones and other Apple products are built in China and then exported globally.

Technology controls would also be a double-edged sword, so in the long term it would not be a win-win situation, but a lose-lose one, Xu said.

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