Apple facing 10% increase in products price ahead of US-China summit

Alicia Cross
November 28, 2018

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. "I mean, I can make it 10 percent, and people could stand that very easily", he said.

Supporting comments made earlier this year, US President Donald Trump has plans to enact additional tariffs on more than $200 billion in imported Chinese goods.

Shares in Apple fell in after-hours trading after the interview was published.

"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.

The comments to the Wall Street Journal come as he is expected to meet China's Xi Jinping on the sidelines of this week's G20 summit.

Mr Trump said that the next round of tariffs could be on goods which are not yet hit by tariffs, such as laptops and Apple iPhones imported from China.

He said Apple iPhones and laptop computers imported from China would "maybe" also be subject to tariffs, the newspaper reported.

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RBC analysts are also bullish on Apple, saying at least some of the negative news surrounding waning iPhone has already been priced into the stock - which is down more than 20% from its October peak.

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

Apple products have so far escaped the growing trade war between China and the Trump administration, but the grace period may be coming to an end soon. Earlier this year, Apple said products like the Apple Watch and AirPods would be affected before the USA said it wouldn't impose taxes on such items.

"If the United States does not buy Chinese products and USA technology is not forthcoming, would that really benefit US companies?" said Xu Nanping, China's vice minister of Science and technology.

"They have to open up China to the United States". Xu told a small group of reporters in Beijing on Tuesday, adding that China accounts for at least half of the market for many US listed companies.

In Trump's nearly two years in office, Cook has met with him multiple times at large meetings with other technology executives and privately at the White House.

Other reports by Free-Prsite

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