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

Virginia Carson
November 28, 2018

The Journal added that Trump said tariffs could also be implemented on iPhones, which are assembled in China.

According to The Wall Street Journal, if negotiations dont produce a favorable outcome for the USA, additional goods for $200 billion, will be slapped with up to 25% tariffs, including consumer electronics by Apple and other products manufactured in China.

Trump is considering widening the tariffs on Chinese-made imports to the U.S., which could mean new duties on Apple products of between 10 and 25 percent.

-China trade irritants over dinner on Saturday with Chinese leader Xi Jinping but is ready to hike tariffs on Chinese imports if there is no breakthrough, White House economic adviser Larry Kudlow said on Tuesday.

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Trump "realizes the ramifications" of levying tariffs, he said.

Apple, which is now exempt from the existing tariffs, didn't comment to the WSJ, but has suggested to US trade authorities that tariffs would put the California-based company at a disadvantage against competitors overseas and that it could mean higher prices for USA consumers.

Trump also threatened to apply tariffs of 10 per cent or 25 per cent on the remaining US$267 billion of Chinese imports if the two sides failed to reach a deal during their meeting in Buenos Aires.

Qinwei Wang, a senior economist at Amundi Asset Management, said extra tariff pressure could leave Beijing with no choice but to let the yuan exchange rate fall further - exactly the opposite of what Trump wants.

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American officials are reportedly focusing on the cybersecurity risks of the Chinese telecom.

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. 'As far as other countries are concerned, that's up to them'.

Cui Tiankai, China's ambassador to the USA, participates in the U.S.

'We can buy from Japan and South Korea or develop our own. Additionally, China Vice Premier Liu told reporters that they wanted a negotiated solution on the trade that was based on mutual respect.

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'In the manufacturing chain, China occupies the low end and middle section, while the United States is on the middle to high end. However, in recent months, he has modified that view, saying in an interview this year that "it's not true that the iPhone is not made in the United States".

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