Trump issues $267bn tariff threat to China ahead of trade talks


The White House warned Chinese President Xi Jinping on Tuesday against trying to wait out President Donald Trump in the ongoing trade dispute between their countries.

Mr Trump said that the next round of tariffs could be on goods which are not yet hit by tariffs, such as laptops and Apple iPhones imported from China.

The US president also said that it is "highly unlikely" that Washington would delay a scheduled January tariff increase unless another trade deal is agreed upon. If no deal is reached during that meeting, he intends to impose tariffs of 10% to 20% on all remaining imported goods from China. The move is part of measures to reduce trade deficit with China and alleged theft of American intellectual property and forced transfer of technology, according to the office of the US Trade Representative. The United States targeted $250 billion in Chinese products, and Beijing lashed back by slapping tariffs on $110 billion worth of US goods.

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"The market remains in a fragile state and because of that anytime tariffs come into the picture you have worries", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.

Apple Inc shares fell in after-hours trading after the interview was published.

Speaking to the Wall Street Journal, Trump said that the only deal he would take from China would be to open up to United States competition.

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Other Apple products assembled in China, like AirPods, the MacBook Pro, iPad, and Apple Watch, could also be subject to the new tariffs. "Combined with last week's harsh report from the USA trade representative, investors have only the flimsiest hope that the Trump-Xi meeting in Argentina will amount to more than a hill of soybeans".

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

"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.

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By doing so, "within a couple days or a week", Cabrera said, "we would see a much smaller number of people actually claiming asylum".

"Maybe. Maybe. Depends on what the rate is", Trump said, talking about phones and laptop computers.

"Although the current economic situation in the good, people can not rule out the possibility of another-I don't want to use the word "crisis"-a similar situation as what happened 10 years ago", he warned".

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

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US crude futures were last down 8 cents at $54.55 a barrel after hitting a one-year low of $52.77 on Tuesday. That reflected the bitter Sino-U.S. trade war, encouraging investors to take money off the table before U.S.

Latest headlines revive concerns over trade conflict between the USA and China.