Trump’s Chinese Tariffs Target Consumer Electronics, Including Sony and PlayStation

Apple wants you to upgrade to a XS XS Max or XR

US President Donald Trump has said he expected to raise punitive tariff rates on hundreds of billions in Chinese imports as early as January 1, 2019. He also told The Journal it was "highly unlikely" that the United States would exit this week's G20 summit with an agreement to hold off on increasing duties already in place on Chinese goods.

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.

At the G20 meeting in Buenos Aires on November 30, Trump and Chinese President Xi Jinping are expected to discuss contentious trade matters that would have an impact on trade-sensitive currencies such as the Australian and New Zealand dollars.

A Chinese official told reporters last week that the two leaders would look to set guidelines for future talks.

"What I'd advise is for them to build factories in the United States and to make the product here", Trump said "And they have a lot of other alternatives". "I am conservatively optimistic that can be done", he added. "We have a good relationship", he said when asked about the likelihood of a trade deal with China.

"We can buy from Japan and South Korea or develop our own". 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".

Shares of Boeing, the single largest U.S. exporter to China, fell 1.2% and fellow Dow component Caterpillar fell 1.6%, weighing on industrial stocks.

Technology controls would also be a double-edged sword, so in the long term it would not be a win-win situation, but a lose-lose one, Xu said.

Notably the iPhone X and iPhone SE are not eligible for this promotion
Notably the iPhone X and iPhone SE are not eligible for this

Mr Trump also said he would hit the rest of Chinese imports to the USA with tariffs if talks did not go well.

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

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.

While the Trump Administration is worrying about consumer reaction, Donald Trump suggested a 10% increase of the price wont change much and “people could stand that very easily”.

Following Trump's remarks, Apple stock was down almost 2 percent in after-hours trading.

The smartphone maker did not immediately respond to a request for comment.

If Trump goes ahead with the additional punishing duties, it would include Apple products produced in China.

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