Economy

Trump says he expects to raise tariffs on China

Trump says he expects to raise tariffs on China”

Trump said the tariffs could impact Apple iPhones and laptops that were made in China, arguing that, "I can make it 10 percent, and people could stand that very easily".

Good morning! Here's what you need to know in markets on Tuesday. On Monday, Apple briefly ceded its crown as world's most valuable publicly traded company to Microsoft Corp.

The news sent shares lower in London and NY on Tuesday, after Trump told the Wall Street Journal it was "highly unlikely" that he would heed a call by Beijing to refrain from increasing the tariffs from the start of next year.

Trump told the WSJ that companies importing goods from China should move plants to the U.S. Apple builds its phones and laptops overseas, though many parts come from its home country.

Apple's stock fell 1.8% in after-hours trading on Trump's comments.

The U.S.is due to raise import duties on about $200 billion worth of goods from China to 25 percent from 10 percent on January 1.

Some analysts said the comments may shake investors. If the iPhone were subject to a 10%-25% tariff, consumers would bear most of the extra cost.

The price of an iPhone ranges from $449 to $1,449 in the US, including older models such as the iPhone 7 that Apple still sells.

Oil prices steadied, while the US dollar, which has benefited from safe-haven flows this year as the trade conflict worsened, rose against peers.

The duties are due to rise to 25 percent at the start of next year - something USA companies and markets are hoping can be averted.

Wall Street's main indexes swung between gains and losses during the session, but are now off their session lows with Apple Inc AAPL.O paring losses and chipmakers turning positive. Of course, Apple is far from the only US tech company to be potentially affected, though it's certainly among the most high-profile. Trump on several occasions has suggested that Apple should bring iPhone manufacturing to the U.S.

Global stock markets edged lower on Tuesday, as the previous session's strong rally ran out of steam after U.S. President Donald Trump appeared to quash hopes of a trade truce with China at the upcoming G20 Summit.

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

Shares of Boeing, the single largest USA exporter to China, fell 1.2% and fellow Dow component Caterpillar fell 1.6%, weighing on industrial stocks. "They haven't been. They have to treat us fairly", Trump told reporters at the White House.



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