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 10:51 AM
Updated: Nov 27, 2018 10:51 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.

Argentina

Asia

Business, economy and trade

China

Continents and regions

Donald Trump

East Asia

Economic policy

Economy and economic indicators

International trade

International trade law

Latin America

Political Figures - US

South America

Tariffs and customs

The Americas

Trade and development

Trade regulation and policy

Apple Inc

Companies

Government and public administration

Public finance

Taxes and taxation

Trade wars

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."

Terre Haute
Scattered Clouds
75° wxIcon
Hi: 88° Lo: 64°
Feels Like: 75°
Robinson
Scattered Clouds
72° wxIcon
Hi: 87° Lo: 62°
Feels Like: 72°
Indianapolis
Broken Clouds
76° wxIcon
Hi: 85° Lo: 67°
Feels Like: 76°
Rockville
Broken Clouds
70° wxIcon
Hi: 87° Lo: 64°
Feels Like: 70°
Casey
Overcast
71° wxIcon
Hi: 87° Lo: 64°
Feels Like: 71°
Brazil
Scattered Clouds
75° wxIcon
Hi: 87° Lo: 64°
Feels Like: 75°
Marshall
Scattered Clouds
75° wxIcon
Hi: 88° Lo: 64°
Feels Like: 75°
Storms Possible
WTHI Planner
WTHI Temps
WTHI Radar

WTHI Events

 

Illinois Coronavirus Cases

(Widget updates once daily at 7 p.m. CT)

Confirmed Cases: 151572

Reported Deaths: 7329
CountyConfirmedDeaths
Cook940054676
Lake10175427
DuPage9502483
Kane7971281
Will7120322
Winnebago3143101
McHenry2208100
St. Clair2128144
Kankakee134465
Unassigned1170210
Rock Island110730
Madison109570
Kendall102423
Champaign101017
Boone62921
Peoria60929
DeKalb60220
Sangamon49333
Jackson34519
McLean30115
Randolph2927
Ogle2834
Stephenson2826
Clinton24417
Macon24222
LaSalle23917
Whiteside20315
Union19619
Coles18817
Grundy1875
Iroquois1705
Tazewell1648
Knox1520
Monroe14713
Warren1470
Adams1421
Williamson1394
Cass1367
Morgan1323
Jefferson11317
Lee1042
Henry1031
McDonough10315
Vermilion852
Pulaski790
Marion770
Montgomery641
Macoupin623
Perry601
Douglas550
Livingston542
Jo Daviess491
Christian484
Jasper477
Ford421
Woodford412
Franklin400
Jersey381
Bureau312
Menard280
Mercer280
Washington250
Cumberland240
Fayette233
Johnson230
Mason230
Wabash230
Alexander220
Carroll212
Clark210
Piatt210
Effingham201
Shelby201
Bond191
Hancock191
Moultrie190
Crawford180
Logan180
De Witt160
Edgar160
Fulton160
Massac150
Wayne151
Schuyler130
Marshall120
Saline110
Brown100
Greene80
Henderson80
Lawrence80
Richland80
White80
Hamilton70
Stark60
Pike50
Gallatin40
Clay20
Edwards20
Calhoun10
Hardin10
Out of IL11
Pope10
Putnam10
Scott10

Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Confirmed Cases: 49575

Reported Deaths: 2739
CountyConfirmedDeaths
Marion11812690
Lake5337247
Elkhart343257
Allen2867133
St. Joseph202569
Cass16439
Hamilton1629101
Hendricks1439100
Johnson1306118
Porter78038
Tippecanoe7439
Clark67144
Madison66864
Vanderburgh6296
LaPorte59727
Bartholomew59245
Howard58258
Kosciusko5654
Marshall5217
Noble49128
LaGrange4829
Jackson4773
Delaware46052
Boone45944
Hancock45736
Shelby43425
Floyd39144
Morgan32831
Monroe31528
Grant30226
Montgomery29720
Henry29316
Dubois2906
Clinton2882
White26810
Decatur25532
Lawrence25125
Dearborn24723
Vigo2408
Warrick23229
Harrison21722
Greene19132
Miami1892
Jennings17912
Putnam1708
DeKalb1634
Scott1628
Daviess15017
Wayne1496
Perry1409
Orange13623
Steuben1332
Franklin1278
Jasper1252
Ripley1247
Wabash1152
Carroll1122
Fayette1037
Gibson1032
Newton9910
Whitley995
Starke963
Huntington822
Randolph804
Wells791
Jefferson782
Fulton731
Jay680
Washington671
Pulaski661
Knox650
Clay644
Rush603
Owen511
Adams491
Posey490
Benton480
Spencer461
Sullivan451
Brown421
Blackford392
Fountain332
Crawford320
Tipton311
Switzerland280
Parke240
Martin220
Ohio210
Vermillion170
Warren151
Union130
Pike110
Unassigned0193