IPhone buyers could 'very easily' stand paying 10% more with China tariff
28 November, 2018, 07:14 | Author: Corey Lynch
If Trump decides to impose the new tariffs, the total amount of taxes on goods from China would be up to $517bn.
It paves the way for the existing 10% USA import tariff on $200bn (£158bn) of Chinese goods to increase to 25% from 1 January.
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. -China trade relations, tariffs are not the best way to resolve them. The President is getting ready to put tariffs on additional products being imported from China, and that specifically includes the iPhone.
U.S. President Donald Trump is open to reaching a deal on U.S.
So far, Apple's most lucrative devices, like the iPhone and iPad, have been left out of US tariffs.
"If we don't make a deal, then I'm going to put the US$267 billion additional on", at a tariff rate of either 10 per cent or 25 per cent, Mr Trump told the Wall Street Journal.
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. 'As far as other countries are concerned, that's up to them'.
China has not agreed to US President Trump's new trade parameters, and as a result, Trump is threatening an increase on the current tariffs and the addition of new ones. 'I am conservatively optimistic that can be done, ' he added.
Cellphones and computers, among China's biggest exports to the United States, have thus far been spared as the administration has sought to minimise the impact on USA consumers.
Last week, Washington proposed stepping up scrutiny over technology exports in 14 key high-tech areas including artificial intelligence and microprocessor technology, a move many analysts believe was directly aimed at China.
The trade war between the United States and China is in its full swing.
China has retaliated but has less room to manoeuvre as the USA buys much more from China than it exports there. Additionally, the firm sees Apple "firmly implanted in China as a core production factory and ultimately we would not see this dynamic changing in the foreseeable future". 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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