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."

West Lafayette
Overcast
51° wxIcon
Hi: 51° Lo: 43°
Feels Like: 51°
Kokomo
Overcast
49° wxIcon
Hi: 50° Lo: 41°
Feels Like: 43°
Rensselaer
Overcast
46° wxIcon
Hi: 48° Lo: 39°
Feels Like: 46°
Fowler
Overcast
46° wxIcon
Hi: 49° Lo: 40°
Feels Like: 46°
Williamsport
Overcast
50° wxIcon
Hi: 50° Lo: 42°
Feels Like: 47°
Crawfordsville
Overcast
49° wxIcon
Hi: 51° Lo: 43°
Feels Like: 45°
Frankfort
Overcast
52° wxIcon
Hi: 51° Lo: 42°
Feels Like: 52°
Delphi
Overcast
51° wxIcon
Hi: 51° Lo: 42°
Feels Like: 51°
Monticello
Overcast
48° wxIcon
Hi: 51° Lo: 41°
Feels Like: 46°
Logansport
Overcast
48° wxIcon
Hi: 49° Lo: 40°
Feels Like: 46°
Dry and Cool for Remainder of Weekend.
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 160454

Reported Deaths: 4118
CountyConfirmedDeaths
Marion25691791
Lake14023358
St. Joseph9399165
Elkhart9026137
Allen8424230
Hamilton6293114
Vanderburgh601161
Tippecanoe383615
Hendricks3337133
Porter332350
Monroe330338
Johnson3207129
Delaware303474
Clark300763
Vigo268740
Madison244996
LaPorte231760
Cass226922
Warrick199565
Kosciusko193727
Floyd183968
Howard167066
Bartholomew145358
Dubois142726
Marshall142726
Wayne135331
Grant129739
Henry129730
Boone126950
Hancock122344
Noble119135
Jackson116417
Dearborn100028
Morgan97440
Lawrence94037
Gibson91512
Daviess90234
Clinton88916
Shelby87231
LaGrange82115
Knox79510
Harrison78324
Putnam75616
Posey7556
DeKalb74511
Fayette73218
Jasper6435
Miami6425
Steuben6408
Montgomery60422
White59915
Greene55838
Scott53413
Decatur51739
Adams5107
Whitley4696
Ripley4668
Clay4567
Sullivan45214
Wells44211
Starke4328
Wabash4329
Huntington4215
Orange41725
Spencer4046
Washington3843
Franklin37925
Jennings37313
Randolph37210
Fulton3714
Jefferson3455
Pike34018
Perry33314
Carroll33213
Jay3256
Fountain3193
Tipton28023
Vermillion2601
Parke2464
Blackford2313
Newton23011
Rush2254
Owen2101
Martin2010
Crawford1601
Pulaski1602
Brown1463
Ohio1317
Union1120
Benton1090
Switzerland960
Warren891
Unassigned0236

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events