Trump dims hopes of China trade deal with fresh tariff threat on Apple phones

President Donald Trump appears to be shutting the door on a temporary ceasefire in an ongoing tit-for-tat tr...

Posted: Nov 27, 2018 9:51 AM
Updated: Nov 27, 2018 9:51 AM

President Donald Trump appears to be shutting the door on a temporary ceasefire in an ongoing tit-for-tat trade war with China just days ahead of an upcoming summit in Argentina.

The President told the Wall Street Journal in an interview published Monday that it was "highly unlikely" he would accept an offer by Chinese leader Xi Jinping aimed at averting Trump's plan to raise tariffs on more than $200 billion of Chinese goods to 25% in January.

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He also warned once again he was poised to slap a third round of tariffs on Chinese goods if the two leaders fail to broker an end to the trade rift when they meet later this week in Buenos Aires, Argentina, on the sidelines of the G20 summit.

"If we don't make a deal, then I'm going to put the $267 billion additional on," said Trump in the interview, adding the tariff level could either be 10% or 25%.

Trump said in the interview that could include tariffs on Apple products imported from China, including iPhones and laptops. Apple's stock fell 1.5% in after-hours trading, erasing earlier gains from the day.

"Maybe. Maybe. Depends on what the rate is," the president said. "I mean, I can make it 10%, and people could stand that very easily."

The tariffs have drawn complaints from American businesses, who are responsible for paying the import duties. It's also spurred concerns about renewed inflation, just as the Federal Reserve is set to raise interest rates in December.

More than 100 S&P companies have already pre-emptively telegraphed during the third quarter earnings calls the damage further tariffs would impose on the US economy. Multiple companies including Walmart, the country's biggest retailer, have warned that prices on everyday goods like shampoo, detergents and paper goods — such as napkins — will get more expensive for consumers.

In the lead-up to this weekend's leaders meeting, Trump surrogates have continuously warned Beijing negotiators that threats by the President should be taken seriously.

Vice President Mike Pence said earlier this month that Trump wasn't in any rush to end the trade war and was willing to "more than double" the tariffs it has already placed on $250 billion in Chinese goods. The United States "will not change course until China changes its ways," Pence said in his speech at the Asia-Pacific Economic Cooperation summit in Papua New Guinea.

The upcoming meeting is the only imminent opportunity for a direct encounter between Trump and Xi before the January 1 deadline, and investors are eagerly looking for signs for a truce between the two sides.

Speaking on the South Lawn with reporters, Trump hedged bets on any possible deal making with his Chinese counterpart. "It could happen. They have to treat us fairly," he said.

While so far much of the attention on the undo harm of the existing tariffs has fallen on China, political scientists and economists also warn there could be deeper ramifications for American corporations, if the Chinese opt to restrict American investment.

"A lot of the problem for business is uncertainty," said David Dollar, a senior fellow in the John L. Thornton China Center at the Brookings Institution and a former economic and financial emissary to China for the Treasury Department under President Barack Obama. "They can live with whatever policy regime there is whether we are taxing everything from China or not. They just hate the uncertainty."

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 314509

Reported Deaths: 7247
CountyCasesDeaths
DeSoto21626259
Hinds20359415
Harrison17934309
Rankin13634278
Jackson13447246
Madison10099217
Lee9980174
Jones8381163
Forrest7683152
Lauderdale7191241
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Hancock379386
Leflore3497125
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Tate334084
Pike3325105
Scott315973
Alcorn313368
Yazoo311669
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Copiah297065
Coahoma295479
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Leake268373
Wayne262641
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Newton246861
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Holmes189173
Clay185454
Stone182833
Tallahatchie178841
Clarke178080
Calhoun170832
Yalobusha164338
Smith162434
Walthall133945
Greene130633
Lawrence128624
Montgomery126942
Noxubee126734
Perry126338
Amite123142
Carroll121829
Webster114532
Jefferson Davis107133
Tunica105726
Claiborne102430
Benton99525
Humphreys96733
Kemper95828
Franklin83823
Quitman80916
Choctaw76418
Wilkinson67331
Jefferson65728
Sharkey50217
Issaquena1686
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Alabama Coronavirus Cases

Cases: 532895

Reported Deaths: 11001
CountyCasesDeaths
Jefferson771431528
Mobile41089808
Madison34837505
Tuscaloosa25810454
Montgomery24355588
Shelby23730249
Baldwin21191309
Lee15892171
Calhoun14522316
Morgan14324279
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DeKalb8846187
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Walker7246277
Autauga6938108
Jackson6815112
Blount6694137
Colbert6310134
Coffee5524119
Dale4850111
Russell443238
Chilton4308112
Franklin426282
Covington4136118
Tallapoosa4039152
Escambia393977
Chambers3578123
Dallas3557152
Clarke351161
Marion3130101
Pike311377
Lawrence300798
Winston275673
Bibb261564
Geneva251477
Marengo249664
Pickens234761
Barbour231756
Hale223277
Butler216469
Fayette212562
Henry189044
Cherokee184745
Randolph181742
Monroe178040
Washington167639
Macon159950
Clay156857
Crenshaw152757
Cleburne149141
Lamar142935
Lowndes139053
Wilcox127130
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Coosa107928
Perry107826
Sumter104832
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