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Beijing, Washington up the stakes as G20 Xi-Trump meeting nears

28 November, 2018, 07:12 | Author: Melinda Barton
  • Apple Upping Trade In Value for Old iPhones

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

"Maybe. Maybe. Depends on what the rate is", Trump said, referring to the possibility of tariffs on mobile phones and laptops, according to the Journal. "I mean, I can make it 10%, and people could stand that very easily". Apple CEO Tim Cook had lobbied the president to keep its popular iPhone free from tariffs. -China trade relations, tariffs are not the best way to resolve them.

"Perhaps we can break through in Buenos Aires or not", he said. In 2017, China accounted for 61.6% of electronics imports into the United States, far exceeding South Korea's 4.5%, according to data from trade intelligence tracker PIERS. Trump also said it was "highly unlikely" he would accede to Chinese requests to not institute additional tariffs. However, in recent years, we've seen that Apple's pricing has in many cases gone through the stratosphere.

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.

The frank talk came four days ahead of his high-stakes meeting with Chinese President Xi Jinping in Argentina.

The rate increase, from 10pc to 25pc, is due to be implemented on Jan 1. But foreign countries and firms doing business in China say they are frustrated because these promises are never carried out and that by subsidising domestic companies Beijing continues to create an uneven playing field. Chinese officials responded with retaliatory tariffs on American goods.

Trump added: "I don't like that aggression".

Speaking to the Wall Street Journal, Trump said that the only deal he would take from China would be to open up to U.S. competition.

Last week, Washington proposed stepping up scrutiny over technology exports in 14 key high-tech areas including artificial intelligence and microprocessor technology, a move many analysts believe was directly aimed at China. Of course, Apple is far from the only US tech company to be potentially affected, though it's certainly among the most high-profile.

'We can buy from Japan and South Korea or develop our own. Over the last year, the two countries have levied a series of tariffs on hundreds of billions of dollars of imports from one another, with the latest round of United States duties set to go into force in the new year.



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